What is an interest only loan? Are they smart loans?
• Interest only loans are mortgages in which a borrower only pays off the interest and does not pay any principle off of the loan. They are again used to keep payments as low as possible. These loans are becoming more and more popular and can definitely be used to a borrowers’ advantage. It is important, however, that the borrower fully understands how the interest only loan works and has a plan or reason for the interest only loan. How can I improve my credit score? • The first move is to contact one of our mortgage professionals and find out what you have on your credit. Once this is done, a program can be put together to get the credit improved. How long does the loan process take? • The loan process usually takes between 1 – 2 weeks. The loan program being used might also determine how long the loan takes. Depending on the difficulty of the loan, it could take up to 3-4 weeks. In certain circumstances, a loan can also be done in a day or two. What is an appraisal and how long are t
