Carmel Mortgage - home financing - Local Monterey County Mortgage Company in our 27th year of business. Carmel Mortgage Home loans for Carmel homes, salinas homes, monterey homes pebble beach homes, monterey mortgage, cheryl whitworth, cheryl whitworth-mcvicar

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I've been in the real estate business for over 30 years now. Your Borroware software is the easiest loan application I have ever completed. You have a winner here!

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Consumer Debt at Record High
The Federal Reserve's measure of consumer borrowing, which does not include any debt secured by real estate such as mortgages or home equity loans, stood at a record $2.558 trillion in March as consumers increased their borrowing at an annual rate of 7.2%,...

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Interest Only Loan Programs

Types of Interest Only Home Loan Programs

One Year Libor Loan – fixed for 1 year
The interest rate on this loan is the sum of the LIBOR index plus a margin rounded to the nearest one-eighth of one percentage point, (0.125%). The margin will not change throughout the term of the loan however the index value will be adjusted on an annual basis which will cause your interest rate to be adjusted accordingly.

Libor loans are based on either a fixed or adjustable rate tied to the Libor Index. We’ll list some of those here, other interest only loans with other indexes are similar in terms and functionality.
3 Year Interest Only Arm – fixed for 3
The interest rate is fixed for the first three (3) years of the loan term and your only obligation are interest only payments. During years 4 thru 30 the interest rate is adjusted every year to the sum of the appropriate index plus a pre-defined margin rounded to the nearest one-eighth of one percentage point - (0.125%). The margin will not change throughout the term of the loan however after the initial period has passed (month 37) the unpaid balance is fully amortized over the remaining term and the borrower is now obligated to make principal and interest payments to the lender.

5 Year Interest Only Arm – fixed for 5
The interest rate is fixed for the first five (5) years of the loan term and your only obligation are interest only payments. During years 6 thru 30 the interest rate is adjusted every year to the sum of the appropriate index plus a pre-defined margin rounded to the nearest one-eighth of one percentage point - (0.125%). The margin will not change throughout the term of the loan however after the initial period has passed (month 61) the unpaid balance is fully amortized over the remaining term and the borrower is now obligated to make principal and interest payments to the lender.

7 Year Interest Only Arm – fixed for 7
The interest rate is fixed for the first seven (7) years of the loan term and your only obligation are interest only payments. During years 8 thru 30 the interest rate is adjusted every year to the sum of the appropriate index plus a pre-defined margin rounded to the nearest one-eighth of one percentage point - (0.125%). The margin will not change throughout the term of the loan however after the initial period has passed (month 85) the unpaid balance is fully amortized over the remaining term and the borrower is now obligated to make principal and interest payments to the lender.

10 Year Interest Only Arm – fixed for 10
The interest rate is fixed for the first ten (10) years of the loan term and your only obligation are interest only payments. During years 11 thru 30 the interest rate is adjusted every year to the sum of the appropriate index plus a pre-defined margin rounded to the nearest one-eighth of one percentage point - (0.125%). The margin will not change throughout the term of the loan however after the initial period has passed (month 121) the unpaid balance is fully amortized over the remaining term and the borrower is now obligated to make principal and interest payments to the lender.

10/30 Year Interest Only – fixed for 10
30 Year Fixed Rates (10 Years Interest Only) - A fixed rate for 30 years where the first 10 years are interest only payments. After the initial period has passed (121st month) the unpaid balance is fully amortized over the remaining term of the loan however the interest does not change. Most lenders allow the borrower to make voluntary principal payments during the interest only period

15/30 Year Interest Only - fixed for 15
30 Year Fixed Rates (15 Years Interest Only) - A fixed rate for 30 years where the first 15 years are interest only payments. After the initial period has passed (181st month) the unpaid balance is fully amortized over the remaining term of the loan however the interest does not change. Most lenders allow the borrower to make voluntary principal payments during the interest only period.

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Carmel Mortgage Vs. Your Bank - Carmel Mortgage helps people of Monterey County and all of California find the best home loan at the bes rate for their financing needs and goals. We do not push the most expensive loan like banks can.

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Pebble Beach, Carmel, Carmel Valley, Monterey homes, Monterey CA homes, Pacific Grove, Salinas, Seaside, Marina, fort ord, new monterey, oldtown salinas, Pasadera, Las Palmas, greenfield, big sur, carmel-by-the-sea, spreckels, castroville, prunedale, elkhorn, moss landing, aptos, santa cruz, carmel homes, salinas homes, pasadera homes, las palmas homes, monterey CA