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Interest Only Loans

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Interest Only Loans

Q: If I take an interest only loan can I make principal reductions at any time during the term of the loan?
A: Yes, the beauty of an interest only loan is that your monthly payments are low and remain consistent based upon the outstanding balance and you are free to reduce the principal balance at any time without penalty.
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Q: I just submitted an application for an interest only refinance loan on my boat. Please supply the fax number where I should fax my last 2 years Federal Tax returns. Thank you
A: William, Thanks for submitting your on line boat application. You can fax your tax returns to 866-282-2623.
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