Interest Only - Adjustable Rate Loans

Live large and pay small with a Great Midwest Bank "Interest Only" Adjustable Rate Loan. Interest rates will be locked for your choice of 1, 3, 5, or 7 Year initial terms, then adjust semi-annually thereafter.  You can save hundreds of dollars a month and you'll be able to afford more house with this new loan product. You decide when (or not at all) to make principal payments, which would then lower the following month's payment. The loan term is 10 Years.

Private mortgage insurance is required for loans exceeding 80% loan to value. Loans over $359,650 are considered jumbo loans and the interest rate would be ¼% higher than our stated rates. Interest is paid on escrow on owner occupied primary residence.

Interest Only Loan might be a good fit for:

• Someone who has variable sources of income, such as commissions, overtime or bonus;
• Someone who expects to earn a lot more in a few years;
• Someone who believes the property value will increase significantly

Interest Only Loans can be used to:

• Finance the purchase of a new home
• Refinance an existing home
• Finance the construction of a new home
• Finance major or minor home improvements

Call or e-mail one of our Loan Officers for more information.

Check out our Interest Rates for current rates on our mortgage loans.