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Interest Only Mortgage Lawrence MA

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

Omnify Software
978-988-3800
10 New England Business Center Drive
Andover, MA

First Call Mortgage Company
603-247-2885
100 Brickstone Square
Andover, MA

Pro Loan Finders, LLC
800-460-4158
39 Samoset
Salem, NH

First Eagle Mortgage
978-777-7767
44 Maple Street
Danvers, MA

Coast To Coast Mortgage, Inc.
888-282-6700
12 Alfred Street Suite 320
Woburn, MA

A Smarter Way To Refinance
603-233-3035
229 Lund Rd
Nashua, NH

Countrywide Bank
(781)8588877
5 Long Meadow Road
Westford, MA

New FED Mortgage Corp
781-241-1225
1711 Broadway
Saugus, MA

Leader Mortgage Company, Inc.
(781)6487900
180 Massachusetts Avenue
Arlington, MA

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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

Omnify Software

Omnify Software is a leading provider of Product Lifecycle Management (PLM) solutions

978-988-3800
10 New England Business Center Drive
Andover, MA
www.omnifysoft.com

Omnify Software provides a solution to help manufacturers manage their product data from concept to obsolescence in a cohesive environment. Omnify supplies a single, secure location to manage all of the essential information for designing, manufacturing and supporting your products and enhance visibility into all aspects of product development.
• Product Record Management
• Bill of Materials (BOM) Management
• Engineering Change Management
• Documentation Management
• Project Management
• Quality/CAPA Management
• Training Requirements Management

Omnify automates your manual development processes and alleviates common issues with data duplication, data integrity, scrap, and rework. You can electronically manage and process all related changes and revisions of items in the Omnify system such as:
• New Part Requests
• Formal Change Orders (ECR, ECO, ECN)
• Document Revisions
• ERP System Uploads/Updates

Our business-ready technology is quick to implement, easy to use and offers an environment that can be easily customized to meet a company’s specific needs and enable easy transition from legacy practices. Omnify leverages an organization’s existing systems for quick implementation without interruption in current processes. Our open technology platform provides, direct interfaces with:
• Engineering Environments (CAD/CAE tools)
• Manufacturing Environments (ERP/MRP/CRM)

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