Interest Only

Apply Online Now!!

Sweepstakes

Home

	Mortgage Resources

	Featured Tools

Request Loan Status

Calculators

	Loan Info

	Company Info

About Us

Tell-A-Friend

Sweepstakes

	Other Services

Credit Report

Marketplace

Home

Interest Only

Interest 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.

Loan Program	Advantages	Disadvantages
Interest Only Programs	Several payment options Lower monthly payments Qualify for a higher loan amount Qualify at the interest only payment Option to pay the full principal and interest payment Interest only payments for up to ten years	Higher rates Principal loan balance will not decrease during the interest only payment period Payment will be higher for the remaining term

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.

Gold Star Mortgage - 1819 W. Stadium Blvd - Ann Arbor, MI 48103
Office Phone: 877-827-4366 Fax: (734)330-2669
Cell Phone: (734) 717-5398

We lend in the following states: All States

Equal Housing Lender