Interest Only Loan
Exploring your options for a mortgage that offers low monthly payments? Consider an Interest Only Mortgage, which allows you to make interest-only payments during the initial period of your loan. As members are setting their finances right, this mortgage could offer some flexibility in your expenses.
Plus, you can pay down the principal at any time during the interest-only period to build equity faster. Our Interest Only Mortgage features:
- Lower monthly payment during the interest-only period
- Stability of a fixed interest rate for 30 years
- Savings could be used to furnish your new home
- You have the right to apply principal payments at any time without penalty to build equity in your home
- Low closing costs mean more money in your pocket
Call to speak with one of our Mortgage Specialists today to see if this option is right for you.
Consult your tax advisor regarding deductibility.
| Interest Only Mortgage | |||
| Term | Rates as low as | Points | APR* |
| 30 Year Fixed | 6.125% | 0.25% | 6.152% |
| 3/1 ARM | 3.750% | 0.25% | 6.619% |
| 5/1 ARM | 4.375% | 0.25% | 6.400% |
| 7/1 ARM | 4.750% | 0.25% | 6.300% |
| Example: A loan amount of $150,000 at 4.375% on a 5/1 Adjustable-Rate Mortgage would have an interest-only payment of $546.88. You can adjust a maximum of 2%, up or down, and the loan payment converts to principal. | |||
| *APR = Annual Percentage Rate | |||
