Are you looking for a resource for a jumbo loan, but with a smaller payment than the traditional PITI? PRM offers a Jumbo Interest-Only ARM.

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An ‘interest-only’ loan is a loan where the borrower is only required to pay back the interest on the loan. Typically, banks will only let lenders do this for a fixed period of time – often five years – however some lenders will be happy to extend this.

An interest-only mortgage is a bit of a misnomer. It’s not actually a type of mortgage on its own, but rather an option that can be exercised with either a fixed-rate or adjustable-rate mortgage (ARM) product. Most people, however, are more familiar with the ARM version of interest-only mortgages.

When buying a house with an interest only home loan (or interest only mortgage), you pay only the interest owed on your loan each month when you make a mortgage payment, as opposed to traditional loans where monthly mortgage payments go towards both interest costs and the loan balance.

 · The Interest-only Mortgage Showcase is an advertising forum where lenders display their best and most competitive mortgage rates and other loan programs.

Interest only loans have had a bad reputation since 2008 – largely due to overuse and borrowers buying more than they could afford. However, this type of loan.

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With an Interest Only home loan, your minimum repayments will only cover the interest charges on your loan for an agreed period of time. This means your loan balance won’t reduce during the interest-only period, since you are not making any principal repayments.

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An ARM, or Adjustable Rate Mortgage, is a variable rate mortgage. Unlike a fixed rate mortgage, the interest rate on an ARM loan adjusts to the market after a set period, usually every year but sometimes on a monthly basis. The change in the interest rate depends on the benchmark or index it is tied to plus the ARM margin.

Let’s say you get an interest-only home loan of $500,000, with a initial rate of 5% for five years. Your interest-only payment would be $2,083. After five years, the rate becomes adjustable.

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Explore competitive mortgage interest rates for conforming loans and jumbo loans.. With Mortgage First3, offered by Schwab Bank's home loan provider Quicken.. Discount for ARMs applies to initial fixed-rate period only with the exception.

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