| What
is an "OPTION" ARM? |
|
Option
programs are designed to offer the borrower the
greatest control and flexibility over their mortgage
finances on a MONTHLY basis ! |
|
This
is How it Works...
Each
month, you receive a statement which contains all
the standard information found in a payment coupon
book, plus it outlines the borrower's four payment
options for the next month. You
choose the payment option that works best for you that
Month and Every Month!! THE
CHOICE IS YOURS ! CLICK
HERE FOR PAYMENT EXAMPLES AND COMPARISON TO
TRADITIONAL FIXED RATE MORTGAGES |
| Option
1 |
Option
2 |
Option3 |
Option
4 |
| Minimum
Payment
|
Interest
Only Payment
|
Full
Principal and Interest Payment (30/40 year)
|
Accelerated
Payment (15
year)
|
|
Start
rate for 30 year term currently at 1.25%*
Pay
principle & partial interest, remaining interest
is deferred
|
|
|
Borrower
can choose to pay only the current interest in
a particular month
The
loan balance does not increase
|
|
|
Elect to
pay
the interest due and principal amount
The
loan balance decreases by the amount of principal paid
|
|
|
Borrower
can choose to build equity faster
Borrower
makes a payment which pays the loan over a 15 year
period
|
|
|
Benefits
|
- Skip
two (2) mortgage payments if you are
refinancing
- No
mortgage insurance is required
- No
monthly escrow
- The
loan is assumable
- Borrower
has flexibility to manage their cash flow
- Great
for Borrowers with Irregular Income
- Perfect
for Borrowers who experience intermittent cash flow
problems
- Ideal
for Borrowers with Investment Properties
- Buy
more home for less money
- Increase
your buying power
- Pull
money out of your equity if you are refinancing**
- Make
Minimum Payments, Invest the Rest
|
|
Additional
Information |
- Reasonable
Underwriting and Closing costs - Limited Document Program
- I
Month COFI Preference, I
Month MTA Preference
- Loans are automatically recast every 5 years to ensure full
amortization
- Loans up to $2 million
- MTA (Monthly Treasury Average) is the
average of the monthly average of the 1 year CMT (Constant Maturity Treasury)
which is published by the Fed.
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