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Sell The Payment NOT The Rate With Our Interest-Only Loan

Affordability has become a bigger challenge for borrowers with the continued rise in home prices and the more recent increase in rates. This means the importance of selling the payment versus selling the rate has become even more important. One way to do that is by looking at an interest-only mortgage. 
Angel Oak offers a 40-year fixed interest-only option on most non-QM programs. Borrowers qualify on the 30-year amortized payment and make interest-only payments within the first ten years of the loan.

One other benefit is that will we recast monthly which means that if the borrower makes a payment towards the principal, the interest-only payment will drop. This option is perfect for the borrower that hasn’t sold their previous home yet, but will make a large payment towards their new property once it does.

Angel Oak has a special offer to make this option even more attractive to your borrowers!  For loans locked in June, there will be no rate adjustment for the interest-only option.

We’ve also made the following changes to our programs effective immediately. 

  • Removal of the rate adjustment to waive escrows
  • Removal of the rate adjustment for cash-out refinances when the LTV is 65% or less

This is just a few more ways Angel Oak is making it even easier to close a non-QM loan with us. Please contact an account executive to learn more.