Lower Your Mortgage Payments with Graduated Payments
San Diego, United States - December 7, 2023 / Maureen Martin /
If you have a lower income now, but expect to earn more in the future, one loan product that can make homeownership more affordable is a graduated payment mortgage.
What is a Graduated Payment Mortgage?
A graduated payment mortgage is a type of home loan that starts with smaller payments initially, which then gradually increase over the lifetime of the mortgage.
Here is an example of what this might look like with a $500,000 mortgage with a fixed rate and a 30-year term:
- Year 1: $3,652.94
- Year 2: $3,835.58
- Year 3: $4,027.36
- Year 4: $4,228.73
- Year 5: $4,440.17
- Year 6-30: $4,662.17
So, you end up saving thousands of dollars in the first year alone.
Benefits of Graduated Payment Mortgages
Picture a scenario where you are embarking on a new career. You have good reason to believe you will be climbing the ladder of success over the next few years, and earning a lot more than you are now.
You find a home that you can afford, but with a regular mortgage, you might struggle for the first few years to make the full monthly payments.
A graduated payment mortgage gives you the financial flexibility you need during the first few years, accommodating your current lower salary. In the future, after a few raises, you will have no problem affording the higher monthly payments on your home loan.
Graduated Payment Mortgage Features
- Lowered Initial Payments, Increasing 5% Each Year
- 30-Year Fixed Rate
- Qualify with W-2 Income, Business or Personal Bank Statements (1-2 Years), 1099 (1-2 Years), Asset Utilization, 2 or 6 Months Bank Statements with Additional Documentation
- Up to 75% LTV
- Credit Scores As Low as 660
- Primary Residences Only
- Loan Amounts Up To $3M
- DTI Up To 50%
- Seller Financing Allowed
Apply for a Graduated Payment Mortgage in San Diego
With a graduated payment mortgage, you do not need to wait until you earn more to buy a home. You can afford to move into your dream home now, and start living your best life. To learn more or apply, please give a erhat (619) 857-7191.
Contact Information:
Maureen Martin
2878 Camino del Rio S #402
San Diego, CA 92108
United States
Maureen Martin
(619) 857-7191
https://www.sandiegohomelender.com/
Original Source: https://www.sandiegohomelender.com/lower-your-mortgage-payments-with-graduated-payments/
