BFR’s expansive list of products includes interest only mortgages. We will walk you through the pros and cons of interest only loans and how they compare to a principal and interest mortgage
Interest Only Adjustable Rate Mortgage (ARM):
CFPB/QM ATR Rules (Qualified Mortgage Ability To Repay):
The ATR rule requires that the originator make a reasonable, good-faith determination before or when the loan is consumated and that the consumer has a reasonable ability to repay the loan. The origination lender must consider the eight underwriting factors established by the CFPB and the loan file must be documented accordingly.
Interest Only 3/1, 5/1 & 7/1 ARMs will be qualified for debt to income ratio purposes using the fully indexed rate, with the remaining term after the I/O period.
Find out more about interest only mortgages by calling us at 212-933-0157 or filling out the contact form below!