A 40-Year, Interest-Only Loan allows you to make interest-only payments during the first 10 years, then fully amortized payments for the remaining 30 years. Reduce your initial monthly payment while saving money to build financial stability for tomorrow.
Guidelines & Benefits:
All borrowers are subject to credit approval. Underwriting terms, conditions, and other restrictions apply. During the first 10 interest-only years, the minimum monthly payment required is the interest on the loan. Paying the minimum payment during the interest-only period will not reduce the principal loan balance. At the end of the 10 interest-only years, the minimum payment required will increase to include both interest and principal payments.