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This type of loan is great for buyers who are looking for a low monthly payment. As a real state prices increase,
buyers need to find mortgage loans that provide affordable housing paymnets. If this is what you are looking for,
then this is the program for you!
Example of how you may benefit from an Interest Only Loan Program
...Before Refinance:
Mortgage Balance: 225,000
Rate: 7.5%
Term: 30 Year
Monthly Mortgage Payment: 1,573.23
...After Refinance:
New Loan: 225,000
New Rate: 3.75%
New Payment: 703.00
Old Payment: 1,573.23
Monthly Payment Savings: 870.23
Yearly Savings: 10,442.76
3-Year Savings: 31,328.28
5-Year Savings: 52,213.80
* Payments based on 30 Year Amortization, 80% ltv, 1st lien position, 3.75% rate, 3.85% APR.
APR may vary depending on term and amount.
Rates are subject to change.
Loan application subject to credit and underwriting guide lines
Home Equity Line (HELOC)
Example of How and Interest Only HELOC Payment is Calculated:
Rate + Index x Remaining HELOC Balance/divided by 12 Months = Mo. Payment
4.25 + 1.00 x 35,000 /12 Mo. = $125.00
* Payments based on 30 Year Amortization, 80% LTV, 1st lien position, 5.25% rate, 5.35% APR.
APR may vary depending on term and amount.
Rates are subject to change.
Loan application subject to credit and underwriting guidelines
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