Pay Option ARM home mortgage loans are a fairly new solution
| Written by Keith Hunt | |
| Apr 26, 2007 -- /prbuzz/ -- An increasing number of California borrowers are using Pay Option ARM home mortgage loans to pay off credit card debt to increase their monthly cash flow. Many use the extra cash they would have used on credit cards by paying more on their mortgage every month to lower the term. You choose which months that extra cash is required for any purpose. Going on vacation and need a little extra cash? That's OK, just use the interest only option at that time. As you have the flexibility to pick how much to pay every month, Pay Option ARM home mortgage loans are the perfect solution for anybody that is in process of changing jobs or those that have a varying income similar to outside sales personnel or work for themselves. In the case of a self-employed contractor that is busy during the spring and summer, but due to weather conditions in the winter business will slow down and income with it. During spring and summer when cash flow is good, the contractor can make a fully amortized payment but when cash slows down he can make a deferred interest payment. Monthly house payments are made based on current cash flow position. Many borrowers take advantage of Pay Option ARM home mortgage loans in California for getting cash out. The money can be used for any purpose including down payment on a rental property, home improvement, or seed capital for a new business. Pay Option ARM home mortgage loans can also be used new real estate acquisition. If you never owned a home before and the smallest possible house payment, this is the solution you need. Pay Option ARM home mortgage loans are a fairly new solution where you have 4 payment options every month: 1. Fifteen year payment- Pay your loan off and build home equity faster as well as save $1,000's in interest; 2. Thirty year payment- This choice advises you what your payment is in order to own your home in the standard thirty years; 3. Interest only option- Pay only the interest portion of your monthly payment to increase monthly cash flow; One per cent minimum payment-With this option you pay your mortgage at a one per cent rate of interest for biggest savings. The Pay Option is the very best adjustable rate mortgage program open to you for your refinance needs or consolidating debts. It has components that safeguard you from the usual concerns that go along with an adjustable rate mortgage. One is that your home loan payment cannot raise more than 7.5% over the preceding year for the first 5 years. Also it gives you the chance to move to a fixed rate mortgage after the first 3 years. With these benefits in place you can feel comfortable with your refinance and the new adjustable rate mortgage or ARM. For quick response on a California refinance or credit card debt consolidation using with a Pay Option ARM for a California home mortgage loans please call 1-866-398-4664. Or go to http://www.goldmedalmortgage.com/PayOptionRefinanceLoans |
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