Jumbo Interest Only Mortgage
An interest-only jumbo mortgage requires payments solely toward the interest—the fee imposed by the lender for borrowing money. These payments exclude repayment of the borrowed amount (the principal), limiting the equity build-up in the home solely to your down payment or potential market value appreciation.
Typically structured as adjustable-rate mortgages, these loans often span up to 10 years. Following this period, homeowners transition to amortized payments, encompassing both interest and principal repayments. Alternatively, they can opt to pay off the loan or pursue refinancing options
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