Texas Cash Back Real Estate  About Us   -   Contact Us   -   Featured Listings   -   All Listings Sell a Home & Buy a New
Construction and save up to 3%

Sell a Home & Buy a Pre-Owned
Home and save up to 2%

Rent or Lease an Apartment
and get up to $500 Rebate

Buy a New Construction Home
in Texas & Save up to 2%
Sell a Home in the Houston
Area & Save up to 1%
Buy a Pre-Owned Home in the
Houston Area & save up to 1%
 
Rebate Package Details
Pricing Your Home
FREE Competitive Market Analysis (CMA)
Featured Listings
Checklist to Show Home
More on Getting Your Home Sold
Texas Community Links
Consumer Tools
    Subdivision Price Finder
    School Finder
    Golf Course Finder
    Senior Living Finder
    Consumer Market Report
    MLS Monthly Press Release
    Real Estate Dictionary
    Calculators
    Calculadoras (En Español)
Checklists and Worksheets
    Getting a Mortgage Checklist
    Loan Interview Materials Checklist
    Making an Offer Checklist
    Available Funds Worksheet
    Closing Costs Worksheet
    Gross Income Worksheet
    Home Visits Worksheet
    Housing Wants and Needs Worksheet
    Monthly Debt Worksheet
Mortgage Products and Lender Info
    Adjustable-Rate Mortgages
    Balloon Mortgages
    Biweekly Mortgages
    Fannie 3/2®
    Fannie 97®
    Fannie Mae's Community
    Home Buyer's Program™
    Expanded Approval™ for
    Timely Payment Rewards®
    Fixed-Rate Mortgages
    HomeStyle® Renovation Mortgage
    InterestFirst™ Fixed-Period
    Adjustable Rate Mortgages
    InterestFirst™ Fixed-Rate Mortgages
    Low Down Payment Mortgages:
    Flexible 97® and Flexible 100™
    Native American Housing Loans
    Reverse Mortgages:
    Home Equity Conversion Mortgage
    Reverse Mortgages:
    Home Keeper for Home Purchase
    Reverse Mortgages:
    Home Keeper Mortgage
    Rural Housing Loans
    Reverse Mortgage
    About Reverse Mortgages
    Assessing Your Financial Needs & Goals
    Living With Your Reverse Mortgage
Refinancing
    Finding the Best Refinancing Deal for You
    Points and Refinancing
    Refinancing Eligibility and Requirements
    Some Good Reasons to Refinance
    The Costs Of Refinancing
Home Improvement and Remodeling
    Buying And Improving A Home
    Buying And Improving A Home
    Requirements
    Home Improvement Financing
    Improving Your Existing Home: Costs
    Improving Your Existing Home: Projects
    Investing In The Home: Energy Savings
    Selecting A Contractor:
    Sources and References
    Selecting A Contractor: The Contract
    Working With a
    Home Improvement Lender
 
 Jill Aylwin Realtor Texas Cash Back Real Estate

Jill Aylwin - Real Estate Broker, Realtor, MBA
Contact Us
 Realtor MLS
    Ph: (281) 334-CASH

  InterestFirst™ Fixed-Period Adjustable Rate Mortgage

The InterestFirst Fixed-Period Adjustable Rate Mortgage (ARM) offers you the opportunity to make lower monthly payments than with standard fixed-rate products for a predetermined number of years during which you pay interest only.

With the InterestFirst Fixed-Period ARM, you pay only the interest due on the amount of the loan each month for the first 5, 7, or 10 years. Payments during the selected interest-only period typically are offered at interest rates lower than the standard 30-year fixed rate. At the end of the 5-, 7- or 10-year fixed-rate interest-only period, the interest rate begins to adjust annually, and you make fully amortizing payments for the remainder of the term.

This mortgage may be ideal if you are purchasing a new home, but plan to be there for a relatively short time, or if you prefer a lower monthly payment in order to use the cash flow difference more effectively elsewhere.

Loan Features

  • Interest-only payments are required for the first 5, 7, or 10 years, depending on the term selected.

  • Two commonly used ARM indices, the one-year LIBOR or the one-year Treasury, generally are used to calculate annual adjustments in the interest rate after the fixed interest-only period.

  • At the end of the interest-only period, monthly payments change to include re-payment of principal as well as interest. Principal payments are allowed without penalty and are reflected in a reduced interest payment in the next monthly payment during the interest-only period.

  • The loan begins to amortize after the fixed-rate interest-only period and is fully repaid at the end of the balance of the loan term (25, 23 or 20 years).

Considerations

  • The InterestFirst Fixed-Period ARM offers lower monthly payments during the interest-only period than standard fixed-rate or adjustable rate mortgage products.

  • By making a lower payment, you have greater control over your cash flow and can use or invest the difference as you choose.

  • Loan payments made after the interest-only period may be higher than would be the case with a typical adjustable or fixed-rate loan.

Example

Here is a hypothetical example:

  • $100,000 purchase price

  • 20% down payment

  • 1% origination fee and 15 days prepaid interest

  • 30-year interest only ARM

  • Interest only payments for the first five years; principal and interest payment for the remainder of the term, based on a 25-year amortization schedule

  • 6% initial interest rate (based on a fully indexed rate of 6.75%)

  • 6.547% APR

  • $400 monthly payment of interest only for the first five years; monthly payments will include principal and interest after the initial interest-only period, and can increase or decrease at the time of each interest rate adjustment.

The interest rate and APR shown are examples only and are not intended to represent actually available terms.

 

Sell a Home and Save up to 1%

 

 

Contact Us today -- Or --
Call us anytime at (281) 334-CASH

 

 
Buy a New Construction Home
in Texas & Save up to 2%
Sell a Home in the Houston
Area & Save up to 1%
Buy a Pre-Owned Home in the
Houston Area & save up to 1%
 

Texas Cash Back Real Estate

Contact Us today -- Or --
Call us anytime at (281) 334-CASH

 Texas Realtors        Realtor MLS


Web Site Design, submission and hosting by Uster Enterprise Inc. (713) 412-6704
E-mail Webmaster