First Amortizing Payment Date

First Amortizing Payment Date

For Initial Interest℠ Mortgages, the First Amortizing Payment Date is the date stated in the Initial Interest Note of the first monthly amortizing principal and interest payment. It is determined by adding the number of months of the Interest Only Period to the Due Date of the first monthly payment stated in the Initial Interest Note. Initial Interest Mortgages are not eligible for sale to Freddie Mac.