Interest Only

Interest only loan programs provide the same features as fixed and variable rate programs, and they additionally offer a lower payment option. With an interest only loan payment option, you pay only the interest portion of the payment but no principal.

An interest only loan can be more expensive compared to a fully amortized loan. Many lenders add a fee of one-quarter point for the interest only option.

Interest only payment options allow you to qualify at the starting interest only payment. This gives you more buying power and a lower monthly payment compared to an amortized loan.

You pay interest based on your principal balance. On an interest only loan, your principal balance does not decrease, therefore, you pay more interest with this option.

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Beacon Mortgage, div of First National Bank of Chester County - 11300 Rockville Pike #1204 - Rockville, MD 20852
Office Phone: (301) 984-3600 Fax: (301) 984-3232 Toll Free Phone: (866) 984-3600

COMPANY AND PROFESSIONALS LICENSING

1. Beacon Mortgage and all divisions and affiliates of First National Bank of Chester County are currently exempt from state mortgage company and professionals licensing.

2.   Beacon Mortgage and all divisions and affiliates of First National Bank of Chester County are regulated by the Office of the Comptroller of the Currency (‘OCC’).

3.    All mortgage lending operations of Beacon Mortgage and all divisions and affiliates of First National Bank of Chester County are subject to the rules and regulations of the OCC.  The OCC examines us annually.

            We lend in the following states: MD, DC, VA, NJ, PA, FL, and most other states.  Call for details.

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