For those of you who lived through the Wild West days of real estate back in 2007 and 2008, you might remember a loan product that was used to put economically challenged individuals into homes they had no business being in that had a simple title…
Perl Mortgage is one of the few reputable lenders out there offering a product like this. And you might be thinking this is a bad thing, because interest-only loans scammed people and caused the crash right?
These loans are different. The credit guidelines are far stricter, they are intended for individuals looking to buy a much larger home, and we now qualify you based on the larger (interest + principal) payment, so we avoid the payment shock of the days before the Great Recession.
So if you can afford a large home, an interest-only mortgage could save you a TON of money in the short term.
An interest-only mortgage is also a great product if you’re going to be selling a home that you currently have a lot of equity in. You can use your monthly savings to pay off debt or cash flow your next move, and maximize the funds from your sale!
This article describes the loans in more detail, and if you’re interested, you should give me a call at 312-751-1333!
I look forward to speaking to you soon,