Florida Interest Only Mortgage

Pay Only Interest On Your Home Loan!

If you are like most Florida Home Buyers, you're planning to celebrate the day that your mortgage is finally paid off. So, why would you apply for a mortgage that is interest only for five or ten years?

For a surprising number of Florida borrowers, a mortgage with an interest only option makes sense. As with any other specialty loan product, interest only loans can be the right choice if you find yourself in certain special circumstances.

Is An Interest Only Home Loan Right for You?

For a recent St. Petersburg, FL borrower, the interest only loan was the right choice because he owns a seasonal business and his income fluctuates.

The interest only loan gives him great financial flexibility. He has a lower payment 9 months a year and the ability to make substantial payments to principal during the three months when his business generates most of its income. Interest only loans can be a great way for Florida borrowers to manage cash flow, but not everyone is suited for a loan where payments on principal are optional.

To discuss your circumstances and Home Loan needs, please call Capital Lending Corp. at 1-866-924-4111 or use our Quick Inquiry form and we will ask some Questions to find out if an interest only home loan is the right Florida Mortgage solution for you.

More Florida Home with a 10 Year Interest Only Loan

As a firm that works with many First Home Time Buyers, Capital Lending Corp. has structured many fixed rate loans that have an interest only period of five or ten years for borrowers who want to grow into the fully amortizing payment as their careers progress and their incomes increase.

If that describes your situation, then an interest only loan (or more accurately - a loan with an interest only period) may help you buy a better first home and avoid the costs of buying and selling that come with moving up from a smaller starter home.

The interest only option works well for Florida borrowers with rising incomes and a willingness to make larger mortgage payments later. To learn more about the special interest only programs for Florida first time home buyers, call a Capital Lending Corp. Loan Officer at 1-866-924-4111.

With today's low mortgage interest rates, we have also used interest only loans to serve Florida clients who could earn a greater return on their added capital by not paying down principal. So rather than paying the Lender your principle you may be better off with an interest only loan and investing your principle in debt reduction, cash flow improvements, stocks, mutual funds or other savings venues.

Florida Mortgage and the Interest Only Period

Should you elect to have an interest only period with an adjustable rate mortgage or fixed rate mortgage, paying towards your principal will always make a reduction on your fully amortized payment amount. This adjustment will occur when the loan re-factors after the interest only period.

If you're a homeowner and considering refinancing to improve your interest rate, consolidate debts or simply wanting to take cash out, incorporate as part of your Refinance Loan a interest only loan option can make a lot of sense.

For example, a Cape Coral, Florida homeowner with a $250K 30 year fixed rate loan at 6% with a ten-year interest only period would pay $1498.87 a month with fully amortized principal and interest. Paying interest only, the homeowner would pay a reduced interest only amount of $1250.00, saving almost $300.00 a month.

To learn more about the advantages and risks of an Interest only mortgage, call 1-866-924-4111 right now for full details on all of our Florida interest only loan programs or use our Quick Inquiry form and one of our Florida mortgage specialists will call at the time you request to discuss both fixed and adjustable rate mortgages with an interest only option.