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  Interest OnlyInterest only loan programs provide the same features as fixed and variable rate programs, and they additionally offer a lower payment option. With an interest only loan payment option, you pay only the interest portion of the payment but no principal.
An interest only loan can be more expensive compared to a fully amortized loan. Many lenders add a fee of one-quarter point for the interest only option. Interest only payment options allow you to qualify at the starting interest only payment. This gives you more buying power and a lower monthly payment compared to an amortized loan. You pay interest based on your principal balance. On an interest only loan, your principal balance does not decrease, therefore, you pay more interest with this option.  Choice Home Loans - 152 E Main Street - Lake Zurich, IL 60047 Office Phone: (847) 550-8000 Fax: (847) 307-5651 :: YOU CAN BE DEBT FREE - SEE HOW!! :: Refinance :: CREDIT REPAIR :: Purchase :: Foreclosure Recovery :: Apply Now :: Reverse Mortgages :: Staff Directory :: Free Mortgage Payment! :: Contact Us :: About Us :: Our Purpose :: Tell-A-Friend :: Free Reports! :: Calculators :: Loan Programs :: Loan Process :: Loan Application Instructions :: Forms :: Debt Consolidation :: Need Cash? :: Zero Down :: ARM Loans :: Interest Only :: Home Equity Loan :: For Sale by Owner :: FAQ :: Glossary :: Library :: Resources :: Home :: An Illinois Residential licensee Your best choice for mortgage loans in... Illinois and ANY other state not prohibited by LAW! Competitive rates Superior service 
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