Interest-Only Adjustable Rate Mortgage
Ditech's Interest-Only Conforming adjustable rates mortgage products have attractive low interest rates which give you the financial freedom of having extra disposable income, purchase buying power, or lower monthly payments.
- Our Interest-Only Conforming adjustable rate mortgage products offer interest-only mortgage payments for fixed rate periods of 3, 5, 7 or 10 years (depending on the product selection). After the fixed rate period you pay principal and interest for the remainder of the term. At the end of the Interest-Only term you can refinance, pay the balance in full, or commence paying off the principal and interest.
- Interest-Only Conforming adjustable mortgage products are available on Purchase and Refinance loan transactions.
- Ditech will work with your real estate agent during your new home purchase. New conforming loan limits are US $417,000 in the Continental US and $625,500 Alaska and Hawaii.
- There are no Pre-Payment Penalties.
- Loan to value (LTV) ratios up to 90%.
- Qualification Ratios are based on Interest-Only payment plus taxes and insurance.
*Rates and terms may vary by State. The initial rate is fixed for the first 3, 5, or 7 years (depending on product); after that, the rate may vary. The initial fixed rate is subject to change without notice. Subject to underwriting approval. Not all applicants will be approved. Full documentation & property insurance required. Loan secured by a lien against your property. Terms, conditions & restrictions apply. Fees & charges apply. Taxes & insurance extra. Call the number above for details.