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What are current interest rates for interest-only loans?

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July 25 2009 - Burlingame
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Answers (5)

Profile picture for LUXURY HOME LOANS CA
This will not be an easy task. I don't know of a lender for interest only for your scenario. .... Good luck, Rudi Hofmann
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July 26 2009
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I am looking a $1.6M interest only loan.  Since the total amount is for purchasing land and to build the home, would the low 4% rate apply to construction loan?  The total cost is around $2.4M of which I will put $800k down.
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July 25 2009
Profile picture for LUXURY HOME LOANS CA
How about loan amount folks? Every lender that I know of has different rates for Conforming, Conforming Jumbo, Jumbo and Super Jumbo. .... Happy funding, Rudi Hofmann
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July 25 2009
Profile picture for Courtesy Mortgage
Depends how long you want the rate fixed for.  Assuming everything is in line, 5/1 ARM interest only is low 4's right now.   A little higher if you want 7/1 or 10/1 ARM, but all of the ARM programs should be under 5% (again assuming strong credit and sufficient equity).
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July 25 2009
Profile picture for Lrozales
The interest on a loan is always tied up with several factors (i.e. FICO score, income, length of job) so it is best that you contact a reliable direct lender.

Good luck!
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July 25 2009
 

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