• The payment on a $250,000 mortgage at 6.000% is $1,499, but with the interest only option…
• Interest Only mortgage payment at 2.99% is $623
• Total Monthly savings = $876 per month.

An Interest only mortgage can be an excellent choice for some borrowers. They are designed to offer the lowest payment possible. Although none of the payment goes toward the principal you still receive the appreciation of your homes value. Because of the lower payment, the interest only loan may mean that you can buy more home than with a fully amortizing mortgage. Of course, you may make additional payments toward your principal balance at any time.
The reduction on monthly bills with the option of reducing your principal owed when the financial means are available is a very powerful option.

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*Rates subject to change without notice.