Interest Only Mortgages

Maximum Flexibility. Low Payments.

We understand that there are times in your life when you might want to use your money for things other than your mortgage. With an Alliant Interest-only mortgage, you’ll gain the advantage of a low monthly payment during the beginning of your loan term and the flexibility to pay only the interest portion on your loan.

• 5/1 3.000% Rate /3.222% APR Interest-only Adjustable Rate Mortgage
• 7/1 3.250% Rate /2.966% APR Interest-only Adjustable Rate Mortgage
• You can choose to pay only the interest or pay towards the principal at your convenience and with no penalty
• Interest-only period is 10 years, then it amortizes for the remaining life of the loan
• 0 points
• Jumbo loans available, higher rates may apply

Get a complete rate and fee quote for all the loan types that you may be eligible for.

We give our members access to a full line of mortgage products in all 50 states with exceptional benefits.

• Up to 80% of the purchase or refinance of a new home, condominium or townhome
• Buydown option available
• Low, fixed origination fee
• Convenient automatic payment option
• Option to lock-in at a guaranteed interest rate up to 60 days before closing
• 120-day rate lock-in available on new construction-end loan at no extra charge

Frequently Asked Questions

How do I choose between a fixed, adjustable rate (ARM) and interest-only mortgage loan?
Each loan has specific advantages. For example, the fixed rate loan provides you with the safety and security of knowing your rate is locked in for the entire term of your loan, and that your monthly payment won’t change. An adjustable rate mortgage (ARM) has a lower payment amount in the beginning of the loan so that you can take care of other necessary expenses, like buying furniture for a new home. Interest-only loans have even lower payments in the beginning, but then requires a large balloon payment at the end of the loan. Talk to an Alliant loan specialist to help determine the loan that’s right for you.

I’m not sure how to choose. What should I do?
We understand. Buying a home is a big decision, so we’re here to help. An Alliant home loan specialist can help you review the terms, structure and benefits of each type of loan. That way, you can be sure that you and your family select the right home loan for your situation.

Should I be worried that my payment will go up dramatically after a certain time?
An Interest-only mortgage loan is designed to help you overcome short-term financial hurdles. At the end of your initial interest-only payment period, a balloon payment will become due. Refinancing or selling are options at that time. Be sure to talk with an Alliant home loan specialist to carefully review the terms of your Interest-only mortgage loan and make sure you understand the terms.

Contact a loan specialist at 800-328-1935 Option 5
Mon-Fri 8:00am - 5:30pm CT

Get a complete rate and fee quote for all the loan types that you may be eligible for.

View our fee schedule.