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Today's Mortgage Rates

November 19, 2008
Product	Rate	APR
30 Year Fixed	5.125	5.508
30 Year Fixed, Interest Only	5.500	5.888
15 Year Fixed	4.625	5.351
5 Year ARM	4.500	5.144
5 Year Interest Only ARM	4.500	5.138

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Interest Only Mortgages

An Interest Only Mortgage is a home loan that only requires you to pay interest for fixed period of time. Interest only loans allow you to:

Lower your initial mortgage rate
Lower your initial monthly payment
Qualify for a larger loan amount

Interest only mortgage rates adjust annually, bi-annually or monthly. Therefore, your payments would adjust as well.

Once your interest only period (usually 10 years) is over, your loan amortizes like a regular mortgage and you are required to start paying principal.

Interest only mortgages are great for those who wish to manage their monthly cash flow closely. For example, if your income varies monthly due to bonuses and commissions, an interest only mortgage may be a good fit for you. For a month with a lower income you can just pay the interest, while during lucrative months you can put more down toward your loan principal so you pay off your mortgage faster.

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Read what customers say about our level of service.

Posted: 11/18/08 3:55 PM
Very professional and friendly.Super fast service

Posted: 11/18/08 3:34 PM
Prompt, courteous, service. I have been very satisfied with the outstanding service provided by Amerisave. We are in the final stages of the process, just waiting for the closing date. Every step of the way has been guided by Matt and Kristen who are knowledgeable, always respond promptly, and are personable (not robots). Even if we are not approved I would definitely recommend Amerisave to anyone that is looking to finance (or refinance) their home.

Posted: 11/18/08 1:23 PM
Friendly, courteous, prompt

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