INTEREST ONLY LOANS
Our INTEREST ONLY RATES & TERMS:
Single family, condos, townhomes, 2-4 units
$75,000 – $3,000,000
Up to 40 year term, with 10 year interest only payments
An interest-only mortgage is one where you solely make interest payments for the first several years of the loan, as opposed to your payments, including both principal and interest. Interest-only payments may be made for a specified time period, may be given as an option, or may last throughout the duration of the loan (mandating you pay it all back at the end).
Financing a property with interest-only loans is a quick and straightforward process for an experienced lender like American Heritage Lending.
INTEREST ONLY FINANCING
Interest-only mortgages reduce the required monthly payment for a mortgage borrower by excluding the principal portion from a payment. Homebuyers have the advantage of increased cash flow and greater support for managing monthly expenses. For first-time home buyers, an interest-only mortgage also allows them to defer large payments into future years when they expect their income to be higher. American Heritage Lending helps its clients qualify for loans without the traditional income qualification standards.
WHY CHOOSE A INTEREST ONLY LOAN?
Many buyers will likely have difficulty getting loans through a traditional lender like a bank or credit union. With American Heritage Lending, we offer you a variety of financing solutions to fit your needs.
We understand the need to move quickly when opportunities arise. Our application, appraisal, and approval process can be accomplished in just a few days to ensure you can negotiate effectively with the property holder.
USE OUR INTEREST ONLY LOANS WHEN TRADITIONAL LENDING SOLUTIONS ARE NOT AVAILABLE
An interest-only mortgage is a type in which the mortgagor (the borrower) is required to pay only the interest on the loan for a certain period. The principal is repaid either in a lump sum at a specified date or in subsequent payments.
Borrowers should estimate their expected future cash flow to ensure they can meet the more considerable monthly obligations and pay off the loan when required. While interest-only mortgage loans can be convenient for several reasons, they may also add to default risk.