Question 1

What happens when the interest-only period ends in Clovis?

Accepted Answer

Your payment jumps to principal plus interest, often increasing 30-50%. Most borrowers refinance or sell before this happens to avoid the payment shock.

Question 2

Can I get an interest-only loan on my primary residence in Clovis?

Accepted Answer

Yes, but lenders prefer investment properties. Expect stricter credit and down payment requirements for owner-occupied interest-only loans.

Question 3

How much lower are interest-only payments in Clovis?

Accepted Answer

On a $500,000 loan at 7%, you save about $1,300 monthly during the interest-only period versus a 30-year fixed payment.

Question 4

Do Clovis lenders offer fixed-rate interest-only loans?

Accepted Answer

Yes, most offer 5 or 10 years fixed interest-only, then convert to adjustable or fully amortizing. Rates vary by borrower profile and market conditions.

Question 5

What credit score do I need for an interest-only loan in Clovis?

Accepted Answer

Minimum is 680, but most competitive rates require 720+. Higher scores unlock better pricing and higher loan amounts.

Interest-Only Loans in Clovis: Lower Payments for Real Estate Investors and High-Income Borrowers