It's not that hard to get an interest only mortgage loan.
In the mortgage business, mortgage companies that lend money to borrowers are often referred to as "investors". That's mainly because they are actually investing their money in you... with the idea of eventually selling your mortgage to another investor at a profit. So, essentially what investors do is put together products which they can sell to both borrowers and secondary market investors. They develop and refine products to have great appeal to both markets. One of these products is the "interest only mortgage payment option".
This is a product which is quite popular these days... and for good reason. It's a very good program for a lot of borrower's who have varying goals and objectives to achieve... from buying their first home to freeing up funds for investments.
Our website called Mortgage Match presents a very large amount of information pertaining to interest only mortgages, so I won't get into too much on the subject here. My main reason in writing this comment was to inform those who are looking at mortgages, now or in the future, that interest only mortgages can be obtained with FICO scores as low as 580.
In case you don't know, a 580 FICO score is below average credit, and puts the borrower into the "subprime" category. Usually, a borrower sporting a 580 score has had some credit issues and problems like late payments or collection accounts.
Now, these are NOT good things, by any means, to have on your credit reports, but in the case of an interest only mortgage, they won't keep you from qualifying... and for a mortgage shopper, that should be really good news.
This is a product which is quite popular these days... and for good reason. It's a very good program for a lot of borrower's who have varying goals and objectives to achieve... from buying their first home to freeing up funds for investments.
Our website called Mortgage Match presents a very large amount of information pertaining to interest only mortgages, so I won't get into too much on the subject here. My main reason in writing this comment was to inform those who are looking at mortgages, now or in the future, that interest only mortgages can be obtained with FICO scores as low as 580.
In case you don't know, a 580 FICO score is below average credit, and puts the borrower into the "subprime" category. Usually, a borrower sporting a 580 score has had some credit issues and problems like late payments or collection accounts.
Now, these are NOT good things, by any means, to have on your credit reports, but in the case of an interest only mortgage, they won't keep you from qualifying... and for a mortgage shopper, that should be really good news.
For more information on zero down, interest only mortgages, please also see...
Interest only mortgages simplified.
Interest only mortgages... they're a good thing.
The benefits of getting preapproved for an interest only loan.
It's not that hard to get an interest only mortgage.
Why it's hard to quickly quote a rate on an interest only loan.
Zero down, interest only mortgages even with bad credit.
FAQs on interest only mortgages.
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