Want Lower Monthly Payments? Choose Interest Only (IO)

A client wanted to buy a house for $1,250,000. He had $250,000 for the down payment and some money to show reserves. His middle credit (FICO) score was 765. As a result, his reserves had to be for only 3 months. (For some–a FICO of 740 requires reserves of 6 months.) Though he had good income, he needed to have low monthly payments since he would be paying off student loans for the next three years.

The solution was to take a loan fixed for 3 years Interest Only (IO). After 3 years, the loan will amortize for 37 years to keep his monthly payments lower than the conventional loan.

Since there was no out of pocket closing costs to get this loan and no prepayment penalty, he could refinance his loan after 3 years.

Whom Do You Know That Might Benefit From Our Tailored Mortgage Solutions?
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Spotlight

Date: Thursday: September 11, 2014  
Address: 2345 24th Ave., San Francisco, CA 94116 (Taraval Police Station)
 Time: 6:30pm to 8:30pm 
Flyer: Click here

RSVP on  Meetup.com  OR  Facebook  OR email  Ausra@Pacbay.net

MeetUP Event: September Soft Story

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Meet up with Manny for a night of sharing common interests and ideas. You will have the opportunity to meet people with common real estate interests who own or want to buy commercial or apartment buildings, share, or address any ideas and concerns.

 

 

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What is the problem?
Who has the money?
What are Lenders looking for?
What are the solutions?
Can the city of San Francisco help?
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RSVP on  Meetup.com  OR  Facebook 
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See you there!

Cheers,

Manny<br /><br /> Signature