Pay Option ARM - The Smart Loan
WHAT IS A PAY OPTION ARM?
It is an adjustable rate mortgage that gives you the option of selecting how much to pay each month based on the options listed below and your financial goals.
WHO CAN BENEFIT FROM A PAY OPTION ARM?
- Self-Employed and Commissioned Borrowers—Adjust your monthly payment according to your monthly earnings.
- Borrowers with Consumer Debt—Lower home payments allow you to pay off higher interest rate debt.
- Move-up Home Buyers—Low Start Rate and Interest Only option gives you more home purchasing power
HOW DOES IT WORK?
With the Pay Option ARM loan you have four payment options to select from each month. Each option has unique advantages and you select the best one for your needs.
- Interest Only – Low Payment option, keeps your monthly payment manageable while paying all accrued interest.
- Minimum Payment – The lowest payment option that includes interest and principal, if applicable. This payment generally increases the balance you owe, but frees up extra money and keeps monthly payments low in the event that you are short on funds.
- 30-Year Fully Amortizing Payment – Traditional loan payment designed to pay off both interest and principal in 30 years.
- 15-Year Fully Amortizing Payment – Provides faster equity build up and substantial savings on interest. Designed to pay off both interest and principal in 15 years.
PAY OPTION SPECIAL FEATURE
Some Pay Option ARM loans contain a provision permitting you to increase the term of the loan from 30 to 40 years. This will result in lower monthly payments.
Call us TODAY at (877) 310-FUND for a free and strictly confidential consultation to determine how we can qualify you for this loan program.
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