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Today's Mortgage Rates

January 5, 2009
Product	Rate	APR
30 Year Fixed	4.375	4.743
30 Year Fixed, Interest Only	6.000	6.388
15 Year Fixed	4.250	4.847
5 Year ARM	4.500	5.049
5 Year Interest Only ARM	4.500	5.020

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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: 12/31/08 1:10 PM
The communication has been up to date and the loan officer has been very helpful.

Posted: 12/31/08 11:42 AM
Your service representatives Mike McCarthy,and Rachel have done more than I expected so keep it up!

Posted: 12/31/08 11:02 AM
I am about half way finished with the refinancing process.
Up to this point AmeriSave's Service has been first class!

Posted: 12/31/08 10:07 AM
Service is quick - Communications are contstant

Posted: 12/31/08 9:59 AM
Progress seems timely and easily underst. . .

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