Tell Me About Interest Only Mortgages
With an Interest Only Loan from National City Mortgage you have the option to pay interest only for the first ten years with no penalty for principal payments. If you are looking for a low monthly payment this product may be right for you.
Interest only mortgages are ideal when:
- You aren't concerned about paying your loan off quickly.
- You prefer to keep your monthly payment as low as possible for the first 10 years.
30-year Fixed Rate Interest Only**
Combine the security of a fixed interest rate for 30 years with a low interest only payment for the first ten years and you've got our 30-year Fixed Interest Only Loan.
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Interest Only ARM's* **
Our Interest Only ARM's are fixed for anywhere from 1 to 10 years after which time they may adjust. You are only required to pay interest for the first 10 years regardless of the initial fixed rate term.
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**Interest only loans provide for payment of interest only for a set period of time, and payment of principal and interest for the remainder of the loan term. Interest only payments do not reduce principal. At the end of the interest only period, your monthly payment will increase, possible substantially, because you will be required to pay down the outstanding principal and all accrued interest.
*Interest is fixed for a set period of time, and adjusts periodically thereafter. At the end of the fixed rate period, the interest and monthly payments may increase.