Are you looking for lower monthly payments in the first years of your mortgage? With an InterestFirstTM mortgage, you pay only the interest, taxes, and insurance in the beginning years of your mortgage, which means lower monthly payments. And, because the monthly payments are lower, you may qualify for a larger mortgage amount.
InterestFirst allows borrowers to make lower payments on a fixed-rate mortgage by offering an interest-only period during the early years of the loan, followed by a fully amortizing period. As a result, borrowers may qualify for a larger mortgage, or direct more of their cash flow in the first years of their mortgage to other investments or expenses. InterestFirst is intended for financially informed borrowers who are prepared for the increased mortgage payment when the loan converts to a fully amortizing payment.
InterestFirst is available to buy or refinance a 1-unit home that you will live in as your primary residence, or a second home.
2006 Conforming Loan Limits
Alaska, Guam, Hawaii,
and U.S. Virgin Islands only
1 $417,000 $625,500 2 $533,850 $800,775 3 $645,300 $967,950 4 $801,950 $1,202,925