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Real Estate Home Loan programs designed to lower the monthly payments of your home loan. A typical home loan payment will include the principle which pays down the loan, and the interest which pays the lender for the use of the money. This program will let you make a lower payment by paying only the interest and not the principle for a period of years (usually 5 years). At the end of this time, your payment will increase to completely pay off the loan over the remaining term. This can lower your payments over the first several years by as much as 20% or $200 for every $1,000 of payment. A $2,000 payment can be lowered to $1,600 saving you $400 every month for several years. This can also get you into a much nicer home by using the $400 savings to purchase about a $66,000 more expensive home. These numbers change with the amount of loan and the interest rate of the loan. The higher the interest rate, the lower the savings will be. |
