Columbia SC MLS Russell & Jeffcoat Listings Dream Home Finder The Team Contact JP Home Add to My Favs  
 
Listings
Buyers
Sellers
Mortgage Info
Resources
About J.P. and Associates

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.


:: Search Columbia SC MLS :: Russell & Jeffcoat Listings :: Featured Homes :: Featured Land and Lots :: Commercial & Multi-Family Properties :: Rentals :: Dream Home Finder :: Columbia New Home Construction :: Buyer's Resources :: Free Buyer Reports :: Find My Home Value :: Seller's Resources :: Free Seller Reports :: Mortgage Calculators :: Loan Programs :: Preferred Lenders :: Visit Columbia SC :: Meet Columbia SC :: Visit Lexington SC :: The State - Columbia SC News :: Schools :: Weather :: Real Estate News :: Columbia and Lexington SC Useful Links :: Real Estate Link Exchange :: Contact JP :: Testimonials :: Meet Joseph Piccinini (JP) Your REALTOR :: The Team ::

Joseph Piccinini (JP)

JP & ASSOCIATES

Proud Member of The Russell and Jeffcoat REALTORS Family

Licensed in the State of South Carolina

#1 REAL ESTATE Company in the Columbia and Lexington SC Region

Largest Indipendent Real Estate Company in South Carolina

Mobile (803) 873 0533

Business (803) 798 1250

Fax (803) 731 7627

jp@jphomesforsale.com

Lexington and Columbia SC Real Estate

An Equal Opportunity Company. Equal Housing Opportunity.
All rights reserved.

::Ad Center::

Joseph Piccinini is a proud member of the ActiveRain Real Estate Network. This network is a free online community to help real estate professionals promote their business online. You can find other outstanding South Carolina real estate professionals on ActiveRain.com


Equal Housing Opportunity REALTORŪ

© 2008 Myers Internet, Inc. All Rights Reserved

Powered by: Myers Internet, Inc. | Admin Login