 |
|
|
Luis and wish to express our sincere thanks for all you did for us in making it possible to secure a mortgage and become First-Time homeowners. Your dedication and concern on our behalf is deeply appreciated. The professionalism and knowledge in handling our many questions, your endless patience with our repeated phone calls and visits provided the guidance we needed to allow us to purchase our home. We could not have done it without your constant attention to detail and making us aware of the many steps that had to be taken to secure the mortgage. You were the ink that put it all together! Once again, our many thanks and deep appreciation for all your efforts and the efficient manner that our application was handled by you and your very dedicated staff. Sincerely, Anmol K. Deol |
|
| |
—Anmol K. Deol.
more testimonials >
|
|
|
|
Types of Interest Only Home Loan Programs
- One Year Libor Loan – fixed for 1 year
The interest rate on this loan is the sum of the LIBOR index plus a margin rounded to the nearest one-eighth of one percentage point, (0.125%). The margin will not change throughout the term of the loan however the index value will be adjusted on an annual basis which will cause your interest rate to be adjusted accordingly.
Libor loans are based on either a fixed or adjustable rate tied to the Libor Index. We’ll list some of those here, other interest only loans with other indexes are similar in terms and functionality.
- 3 Year Interest Only Arm – fixed for 3
The interest rate is fixed for the first three (3) years of the loan term and your only obligation are interest only payments. During years 4 thru 30 the interest rate is adjusted every year to the sum of the appropriate index plus a pre-defined margin rounded to the nearest one-eighth of one percentage point - (0.125%). The margin will not change throughout the term of the loan however after the initial period has passed (month 37) the unpaid balance is fully amortized over the remaining term and the borrower is now obligated to make principal and interest payments to the lender.
- 5 Year Interest Only Arm – fixed for 5
The interest rate is fixed for the first five (5) years of the loan term and your only obligation are interest only payments. During years 6 thru 30 the interest rate is adjusted every year to the sum of the appropriate index plus a pre-defined margin rounded to the nearest one-eighth of one percentage point - (0.125%). The margin will not change throughout the term of the loan however after the initial period has passed (month 61) the unpaid balance is fully amortized over the remaining term and the borrower is now obligated to make principal and interest payments to the lender.
- 7 Year Interest Only Arm – fixed for 7
The interest rate is fixed for the first seven (7) years of the loan term and your only obligation are interest only payments. During years 8 thru 30 the interest rate is adjusted every year to the sum of the appropriate index plus a pre-defined margin rounded to the nearest one-eighth of one percentage point - (0.125%). The margin will not change throughout the term of the loan however after the initial period has passed (month 85) the unpaid balance is fully amortized over the remaining term and the borrower is now obligated to make principal and interest payments to the lender.
- 10 Year Interest Only Arm – fixed for 10
The interest rate is fixed for the first ten (10) years of the loan term and your only obligation are interest only payments. During years 11 thru 30 the interest rate is adjusted every year to the sum of the appropriate index plus a pre-defined margin rounded to the nearest one-eighth of one percentage point - (0.125%). The margin will not change throughout the term of the loan however after the initial period has passed (month 121) the unpaid balance is fully amortized over the remaining term and the borrower is now obligated to make principal and interest payments to the lender.
- 10/30 Year Interest Only – fixed for 10
30 Year Fixed Rates (10 Years Interest Only) - A fixed rate for 30 years where the first 10 years are interest only payments. After the initial period has passed (121st month) the unpaid balance is fully amortized over the remaining term of the loan however the interest does not change. Most lenders allow the borrower to make voluntary principal payments during the interest only period .
- 15/30 Year Interest Only - fixed for 15
30 Year Fixed Rates (15 Years Interest Only) - A fixed rate for 30 years where the first 15 years are interest only payments. After the initial period has passed (181st month) the unpaid balance is fully amortized over the remaining term of the loan however the interest does not change. Most lenders allow the borrower to make voluntary principal payments during the interest only period.
|
|
Bankers Mortgage Corporation - Site Map
Mortgage and lending information for purchase and home buying loans.
Mortgage and lending information for refinance loans.
Mortgage and lending information for home equity loans.
Mortgage, lending, and credit information.
Financial, mortgage and lending calculators.
Check for up to date rates and loan programs.
Commercial loans programs and information.
Commercial loans programs and information.
Interest only loan programs and information.
Relocation loan programs and information.
Our favorite real estate agents.
Piscataway, Edison, Plainfield, South Plainfield, North Plainfield, Dunellen, Middlesex, Bridgewater, Fanwood, Scotch Plains, Clark, Westfield, Union, East Orange, Orange, Irvington, Hillside, Trenton, Perth Amboy, South Amboy, Newark, Beaufort
|
