Sofi Interest Only Mortgage – Homestead Realty – 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.
4 The initial payment for a 30 year term, loan amount $600,000 on a 5/1 ARM with Interest Only Payment Option in the first 10 years, Rate 3.75%, LTV 75% is $2,779 for full Principal and Interest Payments and $1,875 for Interest Only Payment Option with 2 points due at closing.
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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.
SoFi will be by your side from start to finish whether you’re buying a home or refinancing your current mortgage. Learn more about SoFi Home Loans today.
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30-Year Fixed Mortgages at SoFi. In addition, the absence of a loan origination fee at SoFi means that you’ll have more cash available to spend on the purchase of points. This makes it more likely that you’ll be able to afford a lower mortgage rate if you plan on sticking with the mortgage for the long term.
With interest rates, rents and housing prices all on the rise, this could be an opportune time to make it happen – and an interest-only mortgage.
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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 . Put as little as 15% down with SoFi’s interest-only mortgages, with loan amounts up to $3 million. No mortgage insurance or origination fees.