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Fixed Rate With Interest Only Option


A traditional fixed rate home loan is the safest and most conservative option designed for those with the long term in mind.  The interest rate will be fixed throughout the life of the loan.  The fixed rate home loan with the interest only option allows you to make interest only payments for the first ten years of the loan.  This allows for greater payment flexibility and lower monthly payments, however, your principal balance will not decrease if the interest only payment is made.


Once the initial ten year interest only period is over, the payments will adjust to a higher monthly payment equal to the amount that it will take to repay the loan in the remaining years.  The interest rate will be locked in throughout the life of the loan, however, the payments will adjust once the initial interest ten year only period has expired.


This loan is designed for those looking for the stability of a fixed rate while still looking to lower their monthly payments by the greatest amount possible.  It is really quite simple. 


Click Get Rates to see how much you can save on a fixed rate interest only home loan.





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