Interest Only

Interest only loan programs provide the same features as fixed and variable rate programs, and they additionally offer a lower payment option. With an interest only loan payment option, you pay only the interest portion of the payment but no principal.

An interest only loan can be more expensive compared to a fully amortized loan. Many lenders add a fee of one-quarter point for the interest only option.

Interest only payment options allow you to qualify at the starting interest only payment. This gives you more buying power and a lower monthly payment compared to an amortized loan.

You pay interest based on your principal balance. On an interest only loan, your principal balance does not decrease, therefore, you pay more interest with this option.

Northwest Mortgage Advisors - 135 Lake Street South Suite 100 - Kirkland, WA 98033
Office Phone: (425) 533-3953 Fax: (425) 889-1657 Toll Free Phone: (800) 393-6178

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We lend in the states of Washington (license # 510-LO-43242), Oregon (license #ML-4630), and California (license #603-E633).

You can find great local Washington real estate information on Localism.com Bill Fores is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.

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