Question 1

Are interest-only loans available for homes in Fillmore?

Accepted Answer

Yes, interest-only loans are available in Fillmore through specialized lenders. These non-QM products work for both primary residences and investment properties in the area.

Question 2

What happens when my interest-only period ends?

Accepted Answer

Your monthly payment increases significantly as you begin paying principal plus interest. Many borrowers refinance or sell before this adjustment occurs.

Question 3

Can I use an interest-only loan for a Fillmore investment property?

Accepted Answer

Absolutely. Interest-only loans are popular with investors seeking lower initial payments and better cash flow from rental properties.

Question 4

How much down payment do I need for an interest-only loan?

Accepted Answer

Most lenders require at least 20% down for interest-only loans. Larger down payments may secure better rates and terms.

Question 5

Do interest-only loans have higher rates than conventional mortgages?

Accepted Answer

Rates vary by borrower profile and market conditions. Interest-only loans typically carry slightly higher rates due to their specialized nature and flexibility.

Interest-Only Loans in Fillmore, CA – Lower Initial Payments for Homebuyers and Investors