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Interest Only Mortgage Kentucky

An interest only mortgage is one type of home loan you can obtain. Here are the steps on how to get this type of loan, and most importantly, to decide if this loan structure right for you.

Local Companies

Old Colonial Mortgage LLC
502-423-5400
2302 Hurstbourne Village Dr Ste 1200
Louisville, KY

Webmyne
0235464
Hopkinsville
Kentucky, KY

Summit Mortgage Company Of The Bluegrass
859-219-9060
1718 Sharkey Way Suite 200
Lexington, KY

Countrywide Home Loans
859-260-1742
2380 Norman Ln
Lexington, KY

Priority Mortgage Associates, LLC
270-763-8111
2832 Shepherdsville Rd.
Elizabethtown, KY

Wells Fargo Home Mortgage
(859) 745-0733
114 S. Maple St
Winchester, KY

A+ Credit, LLC
502-459-2222
3801 Springhurst Blvd.
Louisville, KY

The Cecilian Bank
270-737-3750
2633 Leitchfield Rd
Elizabethtown, KY

Aaron Mortgage Co Hikes Point
502-451-3002
2950 Breckenridge Ln
Louisville, KY

Residential Mortgage Services
859-252-5626
191 Kentucky Avenue
Lexington, KY

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If you are thinking about purchasing a condo or a new home, you need to address one of the main elements involved in the buying process-financing. There are many types of loans you can get and several times as many lenders who will offer them to you at varying rates. An interest only loan is an example of one type of loan you can obtain. Here are the steps on how to get this type of loan, and most importantly, to decide if this loan structure is a good idea for you.

What is an interest only loan? First of all, you need to know what an interest only loan is and what it entails. Most conventional loans are based on the mortgagee paying monthly installments that go toward both the principal balance and the interest. In an interest only loan, the borrower repays the interest only in equal installments. The principal is due in full at the end of the payment term.
Who uses interest only loans? Wealthy clients often choose the interest only loans because they free up cash for investment purposes. Money that a client would be using to pay off principal in a conventional loan is now available to place in a maturing fund, a real estate property, or the stock market for gain. Some people with commission-based salaries choose the interest only loan because it allows them to make small payments in lean months, and larger ones when they have a fruitful season or earnings. Lastly, someone with a limited amount of income, but one that expects to see a significant increase in income may want to research the interest only loan. For instance, if you know you are going to get a large promotion, a higher paying job, or will have two incomes (marriage) in the near future, you may want to consider this type of loan.

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Author: Grace Bloodwell

Featured Local Company

Old Colonial Mortgage LLC

502-423-5400
2302 Hurstbourne Village Dr Ste 1200
Louisville, KY
http://www.ocmrates.com

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Advertising	Family	Home Services	Real Estate Resources
Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
Career	Financial Services	Insurance	Software
Cars	Food & Beverage	Internet	Technology
Computer Hardware	Franchise	Legal	Telecommunications
Construction	Health	Miscellaneous	Trade Shows
Education	Holidays	Nightlife	Travel
Entertainment	Home Appliances	Online Database	Weddings
Environmental	Home Electronics	Pets	World History