Las Vegas Interest Only Mortgages
This type of loan repayment allows flexibility with your income. Because the lender requires that interest only be repaid and not principal. This results in a smaller monthly payment. The interest only period is set by the terms of the loan program. For example, if your loan program is an interest only, 5/1 ARM, then the interest only for the first five years. After the end of year five, you will be required to repay both interest and principal. It should be noted that during those five years, if one only pays the interest only payment, then their principal will not be reduced. Interest Only Mortgages are still available in Las Vegas Nevada, but making sure it's right for you is important.
For a payment example,
Assume a $300,000 mortgage
7% interest rate (for example only, not a rate quote)
Assume the loan is amortized over 30 years
Payment = $1995.91 principal and interest
Payment = $1750.00 interest only
This example gives the borrower an additional $245 a month back in their pocket and $2,950 per year. The borrower can also pay towards principal at any time if they so choose.
Allow me to help you decide if
an Interest Only Mortgage is Right for
You and your family.
Call me: Casey Moseman