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do you offer interest only loans for new home purchase in Bluffton, SC

willing to put 10% down on home costing $399,000 , what would monthly amount be for interest only loan ? by edstevenson188 from , California. Jan 10th 2017 Reply


Larry Gray (lgray_312_247)
#4 ranked lender in California - 1,127 contributions

As lending has loosened up more in the past couple of years there are more and more mortgage brokers and bankers able to provide interest only loans, fixed and ARMS even with only 10% down and less. Check for Brokers doing loans in South Carolina and get qualified. You can certainly check around for the best rate before and up to when successfully going into a sales contract on a home. I encourage you, if you feel good about working with someone who qualified you, to give them the opportunity to match or beat any other bids!

Jan 10th 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Although there are lenders who still offer I/O loans, there' really not that big of a benefit.. First, this type of loan is not considered a conforming loan product.. it's a portfolio or private money loan.. 2nd, the rates are going to be much higher than your conforming loan rates.. so any benefit you gain by only making payments to interest only are lost by the higher interest rate.. for this reason, your far better off just doing a fully amortized loan... As far as quoting you a payment??? impossible with out much more info.. Interest rates vary based on borrowers credit scores, property type, occupancy type, and the state it resides in... In addition to the rate, you also have to know what the taxes, insurance, HOA fee, and mortgage insurance fee's total to quote a payment.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm the preferred Lender here in Scottsdale AZ, and Arizona and California is my primary market. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jan 10th 2017
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