When to Consider an Interest-Only Payment Option
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October 3, 2022 |
When to Consider an Interest-Only Payment Option
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Alternative financing focuses on the solution to a short-term need. That is why it can be beneficial for your clients to pay more attention to the payment and overall solution.
Imagine this, you have submitted your deal to a B-Lender because they had a competitive rate for your borrower which enabled them to have an affordable payment.
Unfortunately, you are met with delays and challenging funding conditions. Frustrated with delays, your client is thinking about going elsewhere.
Fortunately, there is another option for you. Your client can qualify with an Alt-Lender which offers interest-only payments that match low-hassle funding conditions.
But when will an interest-only payment equal the payment from a B-Lender?
Try out our Interest-Only Payment Comparison Calculator!
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Author Profile
Jared Stanley is the Senior Director of Originations at Neighbourhood Holdings. He has been in the industry for nearly 15 years. In 2015, Jared was awarded Underwriter of the Year by the Canadian Association of Accredited Mortgage Professionals. He is also a motorcyclist and dog lover.