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Along with COFI home loans, Virginia Mortgage
Services offers many types of COFI
adjustable rate home loans, throughout Virginia. Many COFI home loans often
have payment caps, but no periodic interest rate caps creating the possibility
for negative amortization (your loan balance can increase).
With COFI home loans, you can use your monthly
savings for investments, or you can use them to pay off credit card and/or car
debt. This makes the
negatively amortizing COFI ARM home loans are a great financial tool for
homeowners (especially for people with unsteady income, such as self-employed or
commissioned salespeople). With COFI home loans, you will always have the option
to never increase your loan balance (by making the full
interest only payment
instead of the minimum monthly payments).
Advantages of COFI Home Loans:
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Flexibility in the monthly mortgage
payment. It is one of the main advantages of COFI home loans. With
COFI home loans you will usually have a choice of payment options. Besides fully
indexed and minimum payment options, COFI home loans have an interest only
payment option and you will be able to change payment options every month if you
like.
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Tax Planning. COFI ARM
home loans may be used for tax planning. The borrower can defer interest
payments and at the end of the year, analyze their tax situation. If it serves
their tax interests, they can make a lump sum payment toward any interest that
has been deferred and deduct it for tax purposes.
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Easy qualifying. Many
COFI home loans allow homebuyers with good credit to apply without documenting
income , assets, or source of down payment. This is helpful for
self-employed homebuyers or those who have jobs where it is difficult to
document their income.
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Low initial interest rates.
Most COFI home loans are offered with a very low initial rate. Some mortgage
lenders will allow you to qualify for a larger loan due to this initially lower
rate.
COFI Home Loan Summary:
COFI home loans provide more
opportunities for financially savvy borrowers who seek more customized, and
ultimately less costly, home-finance choices.
If you have questions about COFI
home loans just ask! You may
contact us at Virginia Mortgage Services, 804.282.8808 or by appointment.
Start now by filling out our secure
online application
for a COFI home loan!
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