You're not alone in feeling overwhelmed by interest only mortgage options. Many borrowers struggle to navigate the complexities of these unique loan structures. At NMHL, we understand your concerns and are here to guide you through the process.
”At NMHL, we work with borrowers in exactly this situation every day. We understand the uncertainty, the frustration, and the worry that comes with navigating a mortgage during a significant life event. You are not alone, and your situation does not have to be a barrier to homeownership.
Our licensed loan officers specialize in finding the right path forward for borrowers in complex circumstances. Whether your situation requires specialized documentation, alternative qualification methods, or simply a lender who takes the time to understand your full financial picture, we are here to help you move forward with confidence and clarity.
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NMHL's Interest Only Loan Program
Our Non-QM loan programs offer flexible interest only mortgage options with down payments as low as 20%. Our loan officers will work with you to determine the best loan structure for your financial situation.
Customized Loan Structuring
At NMHL, we understand that every borrower's situation is unique. Our experts will work with you to create a customized loan structure that meets your specific needs and financial goals.
Expert Guidance from NMHL
Our experienced loan officers specialize in interest only mortgage options and will guide you through the entire loan process, from pre-approval to closing.
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No two mortgage journeys are alike. Our experienced advisors take the time to understand your unique circumstances and find the best path forward.
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Understanding Interest Only Mortgage Options
Interest only mortgage options allow borrowers to pay only the interest on their loan for a specified period, typically 5-10 years. This can result in lower monthly payments during the initial period, providing more flexibility for borrowers who expect their income to increase in the future or who need to allocate funds elsewhere.
At NMHL, we offer a range of interest only loan programs with competitive rates and flexible terms. Our loan officers will work with you to determine the best loan structure for your financial situation and goals.
Our loan officers have 25+ years of experience helping borrowers navigate complex loan scenarios.
Benefits of Interest Only Mortgages
- Lower monthly payments during the interest-only period
- Flexibility to allocate funds elsewhere during the initial period
- Potential for increased cash flow during the interest-only period
NMHL's interest only loan programs offer competitive rates starting at 6.5% and flexible loan terms up to 30 years. Our loan officers will help you determine if an interest only mortgage is right for you.
We offer multiple program options to suit your needs, including Non-QM loan programs.
Qualification Requirements for Interest Only Mortgages
To qualify for an interest only mortgage with NMHL, you'll typically need a strong credit profile, a stable income, and a significant down payment. Our Non-QM loan programs offer more flexible qualification requirements, including credit scores as low as 620 and down payments as low as 20%.
Our loan officers will work with you to determine the best loan program for your individual circumstances and help you navigate the qualification process.
Get pre-approved today and take the first step towards securing your interest only mortgage.
Refinancing to an Interest Only Loan
If you already have a mortgage, you may be able to refinance to an interest only loan with NMHL. Our loan officers will help you determine if this is the right option for you, considering factors such as your current loan balance, credit score, and income.
We offer competitive refinance rates starting at 6.25% and flexible loan terms up to 30 years. Contact us today to learn more about refinancing to an interest only loan.
Our loan officers have extensive experience with refinance transactions and will guide you through the process.
Frequently Asked Questions
Interest only mortgages can offer lower monthly payments during the initial interest-only period, typically 5-10 years. This can be beneficial for borrowers who expect their income to increase in the future or who need to allocate funds elsewhere. At NMHL, we offer interest only loan programs with competitive rates starting at 6.5%.
To qualify for an interest only mortgage, you'll typically need a strong credit profile, a stable income, and a significant down payment. NMHL's Non-QM loan programs offer more flexible qualification requirements, including credit scores as low as 620 and down payments as low as 20%.
Yes, you can refinance your existing mortgage to an interest only loan with NMHL. Our loan officers will help you determine if this is the right option for you, considering factors such as your current loan balance, credit score, and income. We offer competitive refinance rates starting at 6.25%.
Interest only mortgages can result in higher payments after the interest-only period ends, as you'll begin paying both principal and interest. It's essential to carefully review your loan terms and consider your financial situation before choosing an interest only mortgage. NMHL's loan officers will help you understand the potential risks and benefits.
The interest-only period for NMHL's interest only mortgage products typically ranges from 5-10 years, depending on the specific loan program and your individual circumstances. Our loan officers will help you determine the best loan structure for your needs.