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Chevy Chase Bank’s innovative home financing products can help you manage your cash flow.
Interest-Only Fixed-Rate Loan
An interest-only loan may be right for you if:
- You’ll be earning a higher income in the near future
- You know you are going to move or sell within a few years
- You’re disciplined and have a good use for your monthly savings (i.e., paying down high-interest debts or meeting
a short-term expense such as college tuition)
With an Interest-Only Fixed-Rate Loan, you can have the best of both worlds: low interest-only mortgage payments with the security of a fixed-rate loan. With our Interest-Only Fixed-Rate loan, you could save hundreds of dollars on your mortgage each month or obtain the increased buying power to purchase a larger home.
With the Interest-Only Fixed-Rate Loan, the interest rate is fixed for the term of the loan. However, for the first 10 years, you pay only the interest on your mortgage each month, creating a window for steep savings. You always
have the option of paying down the principal at any time without penalty. After the 10-year period, you pay both
interest and principal.
For more information or to apply by phone, call us at 301-987-BANK or 1-800-987-BANK (out of area).
Our Mortgage Advisors are available 7 days a week from 7 a.m. to 11 p.m. Eastern time. You can also complete a Home Loan Express online application now. Or, if you would prefer that we contact you,
please complete our online request form.
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Mortgages