Maximum Flexibility. Very Low Payments.
We understand that there are times in your life when you may want to use your money for other needs than your mortgage. With an 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.
- 30-Year 6.250% Fixed Rate Interest-only Mortgage
- 5/1 5.625% Rate and 7/1 5.875% Rate Interest-only Adjustable Rate Mortgages
- You can pay the interest only or pay towards the principle at your convenience and with no penalty
- Interest-only period is 10 years then it amortizes for the remaining life of the loan
- Good credit, unverifiable income, self-employed — you may qualify for a No Ratio Mortgage. Talk to a home loan specialist for assistance 800-365-7003.
Alliant in partnership with Lincoln Service Mortgage gives our members access to a full spectrum of mortgage products in all 50 states with these 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 options
- Option to lock-in at a guaranteed interest rate up to 60 days before closing
- 120-day rate lock-in available on new construction 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 either. Whereas an ARM requires a smaller payment in the beginning of the loan so that you can take care of necessary expenses, like buying furniture for a new home. Interest-only loans require even smaller payments in the beginning, but then require 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 you.
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 payment period, a balloon payment will become due. Refinancing or selling may be an option 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 - 800-365-7003
Mon-Thu 7:30am - 7pm CST: Fri 7:30am - 5pm CST
Check our fee schedule.
Call 800-365-7003
