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Interest Only Mortgage North Carolina

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

1st Capital Mortgage Corp
336-299-9995
7 Oak Branch Dr
Greensboro, NC
1st Choice Mortgage Equity
336-834-0049
1500 Pinecroft Rd
Greensboro, NC
Primary Residential Mortgage, Inc.
(910)389-6809
825 Gum Branch Road
Jacksonville, NC
Absolute Mortgage Corporation
(704) 814-7050
1805 Sardis Rd N
Charlotte, NC
Accubanc Mortgage
(704) 643-4011
6100 Fairview Rd
Charlotte, NC
CCB - Salem Group
(704) 347-6136
6836 Morrison Boulevard
Charlotte, NC
First Mortgage Source
(919) 401-9474
5302 Nc Highway 55
Durham, NC
Southgroup Mortgage LLC
(704) 362-3177
120 Greenwich Rd.
Charlotte, NC
Alpha Mortgage Corporation
(704) 366-1225
2700 Coltsgate Rd
Charlotte, NC
Wells Fargo Reverse Mortgage
704-896-1517
19520 West Catawba Ave
Cornelius, NC

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.

  1. 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.

  2. 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

1st Capital Mortgage Corp

336-299-9995
7 Oak Branch Dr
Greensboro, NC
Read more about Interest Only Mortgage

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