Interest Only Mortgages Florida

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The Interest Only Mortgage Feature Offers:

 

• Reduced monthly payments:
  With our Interest Only feature, your monthly mortgage payment consists of interest alone for the first three, five, seven, or ten years. A 30 year fixed rate is also available. This increases your cash flow - making homeownership much more affordable.
• Financial diversity:
  Redirect your cash flow to supplement your savings or investment funds, maximize your contributions to 401K or other tax deferred retirement accounts, or pay off any higher cost, non-tax-deductible debt such as credit cards. It's your money to use as you see fit.
• Greater tax deductions:
  Because payments are interest only, you may benefit from larger interest deductions during the interest only period.*
• Flexibility:
  You are welcome to make principal payments during the "interest only" period, but are not required to do so. Manage your mortgage.

Best for people who:

 

•  Are very focused on money management. Manage your mortgage.
•  Want to reduce their monthly mortgage payment.
•  Do not intend to be in their homes more than a few years.

Interest only loans as the name suggests, means you pay interest only for the first three, five, seven, or ten years of the loan, thereby lowering your monthly mortgage payment substantially.

 

This type of loan can be of value for people who want to save or invest the money they would have paid in principal. Manage your mortgage

 

Florida Mortgage Corporation offers "interest only" loans on a variety of fixed and ARM mortgage programs. With some interest only mortgage programs, you lock in a fixed rate for the life of the loan term, while others are Adjustable Rate Mortgages, which carry a fixed rate for a certain number of years and then adjust every six months to a year.

 

If a large part of your income is non-salary  -  or if you want to maximize the tax benefits of a mortgage - the interest only option may be a very sensible choice. Unlike the traditional 30 year amortizing loan, which bills you monthly for both principal and interest, the interest only option allows you to pay interest only for a specific period of time depending upon the term. 

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In a speech to a credit union group, Fed Chairman Alan Greenspan questioned whether fixed-rate mortgages were the most cost-effective means of financing a home purchase.  He said "American homeowners clearly like the certainty of fixed mortgage payments" but pay several thousands of dollars a year for the benefits.

Greenspan said homeowners "might have saved tens of thousands of dollars had they held adjustable-rate mortgages rather than fixed-rate mortgages during the past decade"

Greenspan noted that if homeowners are "willing to manage their own interest-rate risks, the traditional fixed-rate mortgage may be an expensive method of financing a home." Feb. 24, 2004

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        Purchase    ▪    Refinance

        Fixed and Adjustable Interest Rates

        Stated Income Option Is Available

        Primary   ▪   Second/Vacation   ▪   Investment Property

        Up To A Maximum Of Two Million Dollars Loan Amount

        Cash Out Refinance

        No Down Payment Option Available