My recommendation is to go with a fixed 5 year IO loan and pay a fee upfront on any pre payment penalty.

These are providing low down payment options , great options for high income low net worth buyers who are getting into the buying pool.I/O, & ARM options, 40 year notes with ARM and I/O options are adding additional flexibility, great to increase cash flow, or affordability.In todays hostile rate environment we're happy to see more flexible loan solutions surfacing for more buyers & investors.

Based on app store comments looks like their ios/andriod mobile apps still needs some work.

Why did you do a 1 year IO loan? 

Most credit unions nowadays use a fixed percentage like 1-1.50% of the balance which is great because a portion goes towards principal but for me; I prefer the IO option. 

@Cody ThayerIf you have an android or iOS device I’m sure their App Store has a free one.

Agree with the sentiment here on i/o - a bit risky with a 5 year maturity; you could run into refi trouble and lose the property altogether. 

ARM is eventually better than IO, but IO could be a good tool if you add principal every year and "structure the payment" following 3% amortization ( I did this). 

Really you want to avoid a sizeable tax on selling in this scenario, then those can allow you improve the property and/or avoid large tax gains.Obviously not the best time for a refi, but you could refi into a ARM or IO loan and then refi again at a later date.

Almost all HELOCs are i/o, for the first 10 years or so.