The $1.7-billion Ent Federal Credit Union has introduced two 30-year fixed-rate Fannie Mae InterestFirst Mortgage products-the InterestFirst 10/20 and the InterestFirst 15/15. InterestFirst mortgages allow members to make interest-only payments for the first years of their fixed-rate mortgage, freeing up cash for investments or other uses. For example, the InterestFirst 15/15 mortgage begins with a 15-year interest-only period followed by a 15-year fully amortizing period. Beginning in the 16th year, the buyer's monthly payment will change to include both the principal and interest due.
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