Interest Only Fixed Rate Mortgages

How they work.

They are usually fully amortizing fixed rate loans that may have a term of 10, 15, 20 or 30 years.

An Interest Only Fixed-rate Mortgage that is amortized over 30 years permits the borrower to pay interest only for the initial interest-only period of 10 or 15 years.

Following the initial interest-only period, the outstanding principal balance will be re-amortized over the remaining term of the loan. This will most likely cause the borrower's monthly payment to increase, since it will now include a payment of principal and interest. Interest Only Fixed-rate Mortgages will fully amortize by the end of a 30-year term.

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Interest Only Mortgage Rates
Quick Form - Get 4 Interest Only Rate Quotes

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Lenders offer the following two Interest Only Fixed-rate Mortgage options:

• 10/20 Interest Only Fixed-rate Mortgage - a 30-year fixed-rate mortgage with a 10-year initial interest-only period followed by a 20-year fully amortizing period.
  
• 15/15 Interest Only Fixed-rate Mortgage - a 30-year fixed-rate mortgage with a 15-year initial interest-only period followed by a 15-year fully amortizing period.
  
  

  Conforming Loan Limits
  Number of Units	Loan Amount
  1 Unit	$417,000
  2 Units	$533,850
  3 Units	$645,300
  4 Units	$801,950

Select Your State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Select Property Type Single Family Multi Family Town House Condo Mobile Home Select Credit Profile Excellent Good Fair Poor