What is drawing you to an interest-only payment, and how would a higher payment later affect your budget? Those questions matter before comparing this type of loan.
During a specified period, scheduled payments cover interest without paying down the principal. After that period, the loan’s terms determine how the balance must be repaid. Payments can rise substantially, or a large balance may become due.
Review the full payment schedule, the interest-only period, any adjustable-rate terms, the repayment requirements and total costs. Compare a fully amortizing option and consider whether the later payment would be manageable with your current finances.
Availability and qualification requirements vary by lender, property and loan purpose. We can review your goals and determine which available options are worth exploring. This page is an explanation of the loan structure, not a promise of availability or approval.
Tell us what you’re considering and what feels uncertain. Call (562) 524-5888 or ask Charlie a question. Guidance is available in English or Spanish from our Downey office, serving nearby communities including Norwalk, Bellflower, Cerritos and Whittier.
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Elevate Mortgage, NMLS 2387326. Charlie Lara, NMLS 2251128. This is not a commitment to lend. All loans are subject to credit approval, underwriting, property review and program guidelines. Not all applicants will qualify. Equal Housing Opportunity.