Interest Only Mortgage
Is it possible to get an interest only mortgage for a rental property? Thanks
Is it possible to get an interest only mortgage for a rental property? Thanks
Yes, you can, they are generally short term mortgages of only a few years. They can be amortized for a 30 year period. They can adjust to a fixed rate or have a ballon payment at the end.
principle and interest
$100K loan, 30year at 7% = $665.30
$150K loan, 30year at 7% = $997.95
interest only
$100K loan, 30year at 7% = $583.33
$150K loan, 30year at 7% = $875.00
Phil
see my profile for contact information
Quote:
On 2003-12-02 11:50, Pherrejon wrote:
Yes, you can, they are generally short term mortgages of only a few years. They can be amortized for a 30 year period. They can adjust to a fixed rate or have a ballon payment at the end.
principle and interest
$100K loan, 30year at 7% = $665.30
$150K loan, 30year at 7% = $997.95
interest only
$100K loan, 30year at 7% = $583.33
$150K loan, 30year at 7% = $875.00
Phil
see my profile for contact information
Thank you Pherrejon
that puts it into perspective.
Anyone know a lender that does the logest possible interest only?
It sure would be nice to pay for a house you rent out today with ten years from now dollars.