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Interest Only
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This type of loan program is for those who would like to
significantly lower their mortgage payments by allowing you
to pay only the interest on the loan. This type of loan is
great for debt consolidation up to 100% LTV.
Example of how you may benefit from an Interest Only Loan
Program
...Before Refinance:
Mortgage Balance: 225,000
Rate: 7.5%
Term: 30 Year
Monthly Mortgage Payment: 1,573.23
...After Refinance:
New Loan: 225,000
New Rate: 3.75%
New Payment: 703.00
Old Payment: 1,573.23 Monthly Payment Savings: 870.23 Yearly
Savings: 10,442.76 3-Year Savings: 31,328.28 5-Year Savings:
52,213.80
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* Payments based on 30 Year Amortization, 80% ltv, 1st lien position,
3.75% rate, 3.85% APR.
APR may vary depending on term and amount.
Rates are subject to change.
Loan application subject to credit and underwriting guide lines
Home Equity Line (HELOC)
This type of program is very popular for those looking to do home
improvements and who are not interested in tapping into all of their
home's equity at one time. With this type of program you can draw
on your equity at your leisure making this an excellent loan program
that you control. A "HELOC" is usually setup on an interest only
payment and is fixed to either the LIBOR or Prime index and can
be used for at least 10 years before principal payments are required.
Example of How and Interest Only HELOC Payment is Calculated:
Rate + Index x Remaining HELOC Balance/divided by 12 Months = Mo.
Payment
4.25 + 1.00 x 35,000 /12 Mo. = $125.00
* Payments based on 30 Year Amortization, 80% LTV, 1st lien position,
5.25% rate, 5.35% APR.
APR may vary depending on term and amount.
Rates are subject to change.
Loan application subject to credit and underwriting guidelines
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