Interest OnlyInterest only loan programs provide the same features as fixed and variable rate programs, and they additionally offer a lower payment option. With an interest only loan payment option, you pay only the interest portion of the payment but no principal.
An interest only loan can be more expensive compared to a fully amortized loan. Many lenders add a fee of one-quarter point for the interest only option. Interest only payment options allow you to qualify at the starting interest only payment. This gives you more buying power and a lower monthly payment compared to an amortized loan. You pay interest based on your principal balance. On an interest only loan, your principal balance does not decrease, therefore, you pay more interest with this option.  GMI Home Loans LLC - 195 Route 9 South Suite #109 - Manalapan, NJ 07726 Toll Free Phone: (888)788-2688 Office Phone: (732) 837-1400 Fax: (732) 837-1410
GMI Home Loans, LLC - Division of NVC Premier Fund,LLC
Licensed by the New Jersey Dept. of Banking and Insurance.
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