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Interest
Only Mortgages
The
Smart Choice Loan offers an Interest Only Mortgage
option as well as 3 additional options of monthly payment all in
one singular loan. The Smart Choice Loan is indexed from
the Certificate of Deposit Index, which is one of the most
stable mortgage indexes in the world for Mortgage Lending.
Increasing also
in popularity are Interest Only Mortgages based off of
the One Year LIBOR which is stable for any term of 3, 5, 7 or 10
years. Interest Only Mortgages based off of the LIBOR
do not have the Smart Choice Loan payment options, however, these
could easily be the loan for the borrower wanting security
of the same payment for a 3, 5, 7 or 10 year period of time with
the loan re-amortizing to payoff after the initial interest only
period.
The advantages
of Interest Only Mortgages vs. a standard Fixed Rate
Mortgage would be simplistically the lower monthly payment and a
greater cash flow. The advantages of the
Smart Choice Loan
vs. LIBOR Interest Only Mortgages with a 3, 5,7 or
10-year interest only period would be :
q
Choices
q
Flexibility
These are the deciding factors in getting you the mortgage you
need.
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