Question 1

What happens when the IO period ends?

Accepted Answer

Payments convert to principal plus interest. The loan re-amortizes over the remaining term. Most borrowers refinance or sell before this happens.

Question 2

Can I pay principal during the IO period?

Accepted Answer

Yes, most IO loans allow principal payments without penalty. You control when and how much. Some borrowers make periodic lump sum payments.

Question 3

Do IO loans work for primary residences in Millbrae?

Accepted Answer

Yes, though investment properties qualify more easily. Primary residence IO requires stronger credit and reserves. Expect 25-30% down minimum.

Question 4

How do lenders verify cryptocurrency for reserves?

Accepted Answer

You provide wallet statements showing balances over 60-90 days. Lenders verify holdings through blockchain records. Not all lenders accept crypto assets yet.

Question 5

What credit score gets the best IO rates?

Accepted Answer

740+ credit scores access best pricing. Below 700, expect rate adjustments. Your down payment and reserves also affect final rate.

Interest-Only Loans in Millbrae: Lower Payments for High-Income Earners