Nanaimo - A Lender Flex Mortgage Solution - 65% Interest Only - Credit Score 860
Автор: Yiannis Andreou
Загружено: 2020-01-20
Просмотров: 6
Описание: The Interest-Only Flex is suitable for homeowners and investors looking to purchase or refinance and/or increase cash flow by utilizing an interest-only payment while qualifying on a 30-year amortization. We call this the Interest-Only Flex because there are several different combinations of interest-only, amortizing payments, and ARM vs Fixed rate combinations. Since you are only making a payment of the interest, your monthly mortgage payment will be comparatively lower, giving clients choice and flexibility with their finances. For example, on a $1,120,000 mortgage over 30 years at a 3.54% interest rate, the standard monthly repayment would be approximately $5,038.16/month. But if you were making interest-only payments, the monthly cost would be approximately $3,944.89/month providing an extra $1,093.27 in monthly cash flow to use for other purposes. Impeccable credit and a minimum credit score of 680 is necessary for the primary borrower(640 for the co-borrower) for Purchases. For Refinances the Primary borrower needs a credit score of 720 and the co-borrower a minimum of 640.
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