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Interest Only Mortgage Rates

Updated: August 19, 2017

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Displaying rates for Mortgage Refinance in VA for $200,000

3.803%

APR
30 Year Fixed
3.750% Rate $927/mo
  • Updated August 19, 2017
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3.832%

APR
30 Year Fixed
3.750% Rate $927/mo
  • Updated August 19, 2017
  • Save when you borrow from PenFed!

4.200%

APR
30 Year Fixed
4.125% Rate $970/mo
  • Updated August 19, 2017
  • A+ Rating with the Better Business Bureau

3.896%

APR
30 Year Fixed
3.750% Rate $926/mo
  • Updated August 19, 2017
  • Get a free and no obligation rate quote in Virginia.
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3.808%

APR
30 Year Fixed
3.625% Rate $912/mo
  • Updated August 19, 2017
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4.343%

APR
30 Year Fixed
4.250% Rate $984/mo
  • Updated August 19, 2017
  • Refinance to a get a lower payment, cash back or a faster payoff.
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4.217%

APR
30 Year Fixed
4.125% Rate $970/mo
  • Updated August 19, 2017
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PRODUCTS RATES +/-
30 Year Fixed 3.96%
15 Year Fixed 3.18%
5/1 ARM 3.29%
Saturday, August 19, 2017

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Interest Only Mortgage Rates Today

If you are looking for an interest only mortgage loan, you have come to the right place. Lender411.com is the #1 mortgage resource on the web and will assist you in finding the lowest interest only loan rates. Our cutting edge lender search technology matches you up with the most qualified lenders and brokers and saves you thousands of dollars.

When you fill out the above short application, you will soon be contacted by qualified and pre-screened lenders from our lender network. We advise you to compare and carefully examine all submitted interest only mortgage quotes in order to get the best interest rates.

What is Interest Only Mortgage?

With an interest only mortgage , the borrower takes out a 30-year mortgage, electing to pay interest only for a set period of time, such as 3, 5, 7 or 10 years. After the end of the interest only period, the monthly payments readjust to include the principal, and the loan is re-amortized for the remaining years.

At this point, most people will refinance, start paying off the principal, or sell their property. Studies have shown that homes are sold on average every 5 to 7 years. So, if you plan to sell within that period, why pay principal when the first 10 years of a mortgage payment are mostly towards interest. 

Why get an Interest Only Mortgage Loan?

The advantage of an interest only mortgage loan is that it allows a borrower to free up capital to invest in assets that yield the highest return, or serve some particular financial-planning purpose, rather than locking it up in a house. For example, you could take the money you'd be paying in principal each month and:

  • Pay down more expensive debt such as credit cards.
  • Set it aside to help pay for a child's college fund
  • Invest it in the stock market over the long haul
  • Invest more in your employer's matching 401(k) contribution plan

In the above scenarios, you won't have paid down your mortgage at all, but your financial picture outside your mortgage will be much more robust. Surely, there are plenty of pitfalls in not paying down your principal. For one thing, you'll be building up less equity in your home. On the other hand the amount of equity you build by paying a full payment is very minimal for the first 10 years of a 30 year fixed rate mortgage as you are paying almost 85% in interest to the bank. You have to also consider that you most likely will be accumulating equity as the property appreciates in value over the interest only period. But if you think you live in a market where prices aren't likely to rise much, or might fall, you might want to use the option to pay down some of the principal to give yourself an extra cushion of equity. In summary, an Interest Only Mortgage Loan can save you thousands of dollars and possibly earn you thousands more with the right diversified investments over time.

Who should get an Interest Only Mortgage Loan?

An Interest Only Mortgage may be a good fit if:

  • Income is mostly from commissions or bonuses
  • You expect to earn a lot more in a few years and want to maximize your buying power now
  • You will invest the savings by not paying principal on your mortgage and put it into higher interest returning investments
  • You invest in real estate and want to keep your payment low and keep the property for a short time

An interest only mortgage loan gives people the tools necessary to manage their debts as carefully as they manage their assets. Most Americans assume it's always best to pay down their mortgages as quickly as they can, but in a lot of cases that's not always true.

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