Low Interest Rates, Low Housing Prices and Lower Down Payments – The Home Buying Stars Have Aligned!

Low Interest Rates, Low Housing Prices and Lower Down Payments – The Home Buying Stars Have Aligned!

Want to start off the New Year with some good news? (We thought so.) If your New Year’s resolution centers around buying a home, there are THREE big things going on that you should know about. The home buying stars have aligned, and they’re telling you to take advantage. Low interest rates, low home prices and low down payments on FHA loans are behind it!

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Interest Only Home Loan Financing

Interest Only Home Loan Financing

UPDATE: Due to current financial markets, most mortgage companies, including Quicken Loans, do no offer interest-only loans. But if you’re looking for a low payment, we could still help with other loan programs. If you have questions and would like to find out more, talk to a mortgage expert today at (800) 251-9080. In the meantime, here’s some information on interest-only loans that you can keep in your back pocket: An interest-only loan gives you the option of paying just the interest , or paying interest and as much principal as you want in any given month. The interest-only option is available in the initial years of the loan for a fixed number of years. After the interest-only period, all payments will then include principal and interest. Interest-only loans can be either traditional fixed-rate or adjustable-rate mortgages. Quicken Loans offers interest-only refinance options that are interest-only for the first 10 years. How Interest-Only Loans Work If you choose to make the interest-only payment one month, that month’s payment is lower than it would be had you made the principal and interest payment. Your interest rate may or may not be lower than a traditional mortgage, but you will have the option of choosing your payment. Sophisticated homeowners know that having this type of payment flexibility is one of the smartest ways to manage your personal finances. Refinancing from a traditional home loan to an interest-only loan has become popular because it gives you control over your cash flow. It’s this simple:…

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