An interest-only mortgage is a niche product that can be difficult to find these days. See NerdWallet’s picks for some of the best interest-only mortgage lenders in 2019.
An interest-only mortgage can be hard to find these days. It is a niche product, best suited for borrowers with strong cash flow and good credit and often for home buyers looking for a short-term. SoFi, also known as Social Finance, moved into the mortgage space. and only a little more than 20% of Millennials have a credit score of 720.
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Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org) To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score.
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SoFi Mortgage Loans | Painless Pre-Qualification – 3 SoFi’s interest-only loan is a 30-year, 5/1 ARM loan. During the first 10 interest-only years, the minimum monthly payment required is the interest on the loan.
SoFi’s mortgage loan process is fast, easy to complete, and allows borrowers to put as little as 10% down with no mortgage insurance required. Not only that, SoFi loans do not charge borrowers an origination fee. The catch is that SoFi mortgages are only available to super-prime borrowers with high incomes and spotless credit histories.
There’s also no prepayment penalty on SoFi mortgages so you can pay the loan off early to save on interest. The interest-only period typically only lasts for the first 5-10 years of the loan, at which point your monthly mortgage payments can jump to possibly unmanageable levels. You actually get hit twice .
Interest-only mortgages have been around for decades, but for the most part they weren’t attractive to the masses. Typical borrowers were often affluent Download the SoFi Guide to First time home buying to get valuable tips on these topics and more.
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Interest Sofi Mortgage Only – unitedcuonline.com – Non-Owner Occupied Purchase or Refinance, Interest Only Available during fixed period, Credit Score to 680, Max LTV 75%, Max. 4 SoFi’s interest-only loan is a 30-year, 5/1 ARM loan. During the first 10 interest-only years, the minimum monthly payment required is the interest on the loan.
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