California Refinance With Pay Option Adjustable Rate Mortgage (ARM)
Loans On The Increase
Date: 04.04.2008 - 12:28
Category: Business, Economy, Finances, Banking & Insurance
Press release from: Camelot Marketing
"California refinance using a Pay Option adjustable rate mortgage (ARM) loan are on the increase," states Jennifer Dorsey,
Senior Loan Officer at Trinity Mortgage in Rancho Cucamonga, California.
"We are seeing a tremendous increase in the amount of people refinancing in California using a Pay Option home loan
because the program gives the homeowner the choice to make low monthly-deferred interest payments, an interest only
payment, a 15 year amortized payment or a 30-year amortized payment. Which gives the homeowner complete control of their
mortgage payment every month."
"All types of borrowers are taking advantage of a Pay Option refinance, but the two most common are
self-employed/commissioned borrowers and those that have found themselves in a financial position in their life where they
need the absolute lowest payment."
"This program is ideal for anybody that has fluctuating income such as the self-employed looking to refinance and be able to
meet the monthly mortgage payment."
We recently assisted a self-employed California contractor who is busy during the spring and summer, but due to weather
conditions in the winter business slowed down. When business is going well they can make a fully amortized payment but
when business is slow he can take advantage of the new low deferred interest payment. It gives him great flexibility to make
the mortgage payment he wants depending on his monthly cash flow situation."
"Others looking to buy a new home or even a first time home buyer and want the lowest possible monthly payment or just
want to lower your existing mortgage payment will all benefit."
The Pay Option refinance home loan is a relatively new product that allows you four payment options each month:
1. 15 year payment- Pay your home loan off and build equity faster