GoldKey Interest-Only Mortgage
For Key Private Bank clients.
Take advantage of lower monthly payments during the initial interest-only period to free up cash flow or invest your savings to build net worth.
|Loan Amount|| |
$510,400 to $3.5 million
|Loan to Value (LTV)|| |
Up to 80% on $1.5 million
|Interest Rate|| |
Variable-rate options only: 10/1, 7/1, 5/1
|Private Mortgage Insurance (PMI)||
Features and Benefits
- Enjoy a lower, interest-only payment for the first 10 years of your loan, after which your rate will reset annually.
- During your interest-only period, your whole monthly payment may qualify as tax deductible. (Check with your tax advisor.)
- Eligible property types include owner-occupied primary residences and second homes.
- Available for 1-unit single-family homes, condos or planned unit developments.
How This Mortgage Works
Structured properly, an interest-only mortgage may be used as an interest deduction, to enhance investment returns, reduce tax liabilities* and improve liquidity management.
Interest-only mortgages can make sense for buyers who plan to sell within a shorter time period, or are confident they can afford the future payment increase.
We'll walk you through your options. With your rates, terms and benefits in hand, you'll have everything you need to take the next step.
NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. Information and offers are subject to change without notice. All loans are subject to credit and collateral approval. Not all loans or products are available in all states. NMLS# 399797
Adjustable Rate Mortgage (ARM) interest rates and payments are subject to increase after the initial fixed-rate period. During the interest-only period, the minimum monthly payment required is the interest due on the loan. Paying the minimum payment during the interest-only period will not reduce the principal loan balance. At the end of the interest-only period, the minimum payment required will increase to include both interest and principal payments.
Please consult your tax advisor regarding impacts to tax liability.