Michael Inkman

Fairway Independent Mortgage Corp.

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MICHAEL INKMAN
NMLS #152707 • Located in Texas
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Michael Inkman | Fairway Independent Mortgage Corporation
5.0
Based on 103 reviews
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Lee Vanvolkenburg
15:43 23 Nov 23
Michael and his team were wonderful to deal with. They were excellent with communication and always available to answer questions. Thank you all!
williams lovos
22:54 16 Nov 23
We close on the house tomorrow! Thank you David and Michael for making my first home buying a smooth process. I had several out of the ordinary situations that would had easily not been possible to get the loan in the time that they were able to approve it. My wife and I are forever grateful for the work the team did. Thank you again!
Mario Silvestri III
16:45 16 Nov 23
Rex Perkins
16:56 15 Nov 23
Everything had been going well over the past two years since refinancing an existing mortgage. The application process, approval, servicing website, everything had been very smooth, nothing but the best service. I then had a minor issue arise. We had a wind loss claim on our home and, unfortunately, I had put off getting the check cosigned until the last minute. An issue arose as part of a minor miscommunication in terms of where the check was to be forwarded for endorsement.To make a long story short, I feared that this miscommunication and misdirected check coupled with my procrastination were going to result in the check expiring and a huge hassle on my part to go through the process again. Mr. Inkman nor his branch were in any way involved with my account or account management, yet, the check inadvertently ended up in their draft loss department and I feared this would further delay things. I was a bit frantic.One of those that I emailed was Mr. Inkman. In an era when customer service is not as valued as in the past, I was very skeptical I would meet the deadline. But, to my surprise, Mr. Inkman took it on his own to personally get things done and get the issue resolved. It appears that he tracked down the overnighted check personally, directed it for signature, packaged and overnighted the check back to me. All the while remaining professional and pleasant and providing consistent email updates on the status. It doesn't even look like he delegated, rather taking the initiative and seeing it through on his own.To me, that's not just doing a job, that's going above and beyond in terms of leadership, professionalism, and customer service. We could not be more happy. And, as a further sign of good will, the Fairway CEO actually emailed me personally to follow-up and assure resolution. Been very happy with Fairway since my refinance, Mr. Inkman's efforts only further reinforce that opinion.
Samer Fallouh
15:01 15 Nov 23
Debbie Salas
21:47 03 Oct 23
This transaction probably would not have happened without Michael. Whenever we hit a stumbling block, he found a way around it! He kept us informed and was a positive light all the way through to the end and beyond.Thanks
Eric Kieffer
22:46 16 Aug 23
Did business with Michael about 20 years ago and he was happy to help us again. He and his team did a great job. See you in another 20.

Fixed vs. Graduated vs. Interest-Only Mortgage Amortization

July 25, 2024 by Michael Inkman

When selecting a mortgage, one of the most critical decisions is choosing the right amortization schedule. This choice significantly impacts your monthly payments and the total interest you’ll pay over the life of the loan. Here, we’ll compare three common amortization options: fixed, graduated, and interest-only.

Fixed Amortization

A fixed amortization mortgage offers predictable monthly payments that remain constant throughout the loan term. This stability makes budgeting easier and provides peace of mind, knowing your payment won’t increase unexpectedly. Fixed amortization is ideal for those who plan to stay in their home long-term and prefer a straightforward, predictable payment schedule.

Pros:

  • Consistent monthly payments
  • Easier budgeting
  • Lower overall interest costs compared to graduated or interest-only options

Cons:

  • Higher initial monthly payments compared to graduated or interest-only loans

Graduated Amortization

Graduated amortization mortgages start with lower monthly payments that gradually increase over time. This structure can be beneficial for individuals expecting their income to rise in the future. It allows you to start with manageable payments that grow as your financial situation improves.

Pros:

  • Lower initial monthly payments
  • Payments increase as income potentially increases
  • Can make homeownership more accessible for those early in their careers

Cons:

  • Higher total interest costs over the life of the loan
  • Payments can become challenging if income growth doesn’t meet expectations

Interest-Only Amortization

Interest-only mortgages allow borrowers to pay only the interest for a specific period, typically 5-10 years, after which they begin paying both principal and interest. This option is attractive for those who want the lowest possible initial monthly payments or who plan to sell or refinance before the interest-only period ends.

Pros:

  • Lowest initial monthly payments
  • Frees up cash flow for other investments or expenses
  • Can be beneficial for short-term ownership or investment properties

Cons:

  • No principal reduction during the interest-only period
  • Significant payment increase after the interest-only period
  • Higher overall interest costs if the loan is held long-term

Making the Right Choice

Choosing the right amortization schedule depends on your financial situation, long-term goals, and risk tolerance. A fixed amortization mortgage offers stability and lower overall interest costs, making it ideal for long-term homeowners. Graduated amortization provides initial affordability with increasing payments, suitable for those expecting future income growth. Interest-only loans offer the lowest initial payments but come with the risk of higher payments later.

Before deciding, give me a call to evaluate which option aligns best with your financial strategy and homeownership goals.

Filed Under: Mortgage Tagged With: Fixed Rate Mortgage, Graduated Mortgage, Interest Only Mortgage

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Michael Inkman

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michael@michaelinkman.com
Mobile: (214) 762-4659
NMLS #152707

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The content on this website is written by Michael and reflects his opinion, and not the opinion of Fairway Independent Mortgage Corporation.

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4201 Marsh Lane
Carrollton, TX 75007

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