Considering a 7 Year Interest Only ARM
Are you hoping to trim your budget while you go back to school? Looking for a way to cut costs while one parent leaves the workplace for a few years to raise children? Trying to save money over the short term as you get a small business off the ground? If your are in one of these situations or a similar one you might want to consider a 7 Year Interest Only adjustable rate mortgage to help you reach your financial goals. For the first 7 years of the 30 year loan term you will have a low initial rate and an interest only payment. At the start of the 8th year the rate and payment will adjust according to the current market and to begin paying back the principal portion of the loan. It is important to have a plan for how to handle the significantly higher payment and to understand that you will not be paying down your loan balance unless you make extra payments during those first 7 years, but for the right borrower a 7/1 interest only mortgage can be an excellent loan program.
More Options for Interest Only Financing
You may also want to consider the following interest only loan products available from American Financial Resources:
To learn more or to apply for one of these loan programs submit an online application, request a quote, or call 800-316-9508 to speak directly with a loan consultant.