Carmel Mortgage, Carmel Homes, Monterey Peninsula Mortgage co meeting your home financing needs, Cheryl Whitworth Mcvicar, Octavio Hurtado, Johnny Quillopo
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Interest Only Loans
We designed this section of the site to help you understand what interest only loans are about, and who is best suited and who isn’t for this particular type of financing. We’ll help you learn more about various loan indexes and how they work, and help you understand how interest only program guidelines work.

It is in your best interest to research all available financing options and to have your questions answered, and your potential risks assessed before buying or refinancing what is one of the largest we all make. Not to worry we’re here to help you make the best decision to meet your needs & goals.

Lower monthly payments
A Traditional mortgage payment is comprised of principal and interest. With an interest-only mortgage, your payment is lower because you’re not required to pay on the principal portion of the loan. Important note: Nothing precludes you from paying down the principal portion of the loan if you choose to.

Increase your cash flow
Buying a bigger house is one, but not the only advantage. You may prefer to use the money you save by making an interest-only payment as opposed to a traditional mortgage payment and invest it, or use it to make improvements or pay debts.

Who is best suited for an interest only loan?

  • Persons with a High Net Worth:
    Consumers who generally do not wish to tie up the equity in their home and would prefer to invest the extra money into markets of better return.
  • Those with the potential for increasing income:
    Consumers who are sure their income will grow but would like greater purchasing power and/or lower payments today.
  • Homeowners who have plans to move in 3 to 7 years:
    Consumers who know the time frame for home ownership is within a certain window of time and are more concerned with payments rather than paying down principal on the loan during that period of time.
  • Real Estate Investors:
    Consumers purchasing investment property find interest only loans very valuable when anticipated real estate appreciation is high.
  Carmel Mortgage
29 Navajo Drive
Salinas, CA 93906
Phone (831) 275-0380
Fax (831) 536-1803

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