Foster Home Uses Pay Option Mortgage Loan For California Refinance
Pay Option Mortgage loan proved to be the ideal solution for the refinance of a Foster Home in Southern California by substantially reducing monthly payment
(PRWEB) June 4, 2005 -- “We recently received an application from Angela P.
who needed to refinance her California home. While finding out her specific
goals for the refinance I learned that she was a foster mom and cared for
multiple "crack" babies that had been taken away from their mothers at birth
because of testing positive for an illegal substance during labor,” states Gary
Rees of GoldMedalMortgage.com
“She was trying to utilize the equity in
her home to remodel and add a bedroom to make it more comfortable for the two
teenage and two newborn children her and her husband care for.”
“For
their situation I decided that a Pay Option mortgage loan program would give
them the cash flow needed to cover shortfalls. It also lowered their mortgage
payment over 1500 a month,” continues Rees.
A Pay Option Mortgage Loan
allows the complete flexibility to decide, every month, which of four mortgage
payments you would like to make.
This program is ideal for anybody that
has fluctuating income such as the self-employed. Pay Option is also an
excellent choice if you are looking to buy a new home and want the lowest
possible monthly payment, or if you simply just want to lower your existing
mortgage payment.
The Pay Option Mortgage is a relatively new product
that allows you four payment options each month.
1. 15 year payment- Pay
your loan off and build equity faster as well as save thousands of dollars in
interest
2. 30 year payment- This option will let you know how much to
pay to have your home free and clear in the standard thirty years
3.
Interest only option- This option allows you to pay only the interest portion of
your monthly payment so you can increase monthly cash flow
4. 1% Minimum
payment-This option allows you to pay your mortgage at a 1% rate of interest for
maximum savings
The Pay Option Mortgage is the absolute best adjustable
mortgage product available today. It has built in features that protect you
from the typical worries associated with an adjustable rate mortgage.
One is the fact that your payment cannot increase more than 7.5% above
the previous year for the first five years. Another gives you the option to
convert to a fixed rate mortgage after the first three years. With these
features in place you can rest easy with your new adjustable
mortgage.
Here is an example of what a Pay Option Mortgage could for
you
Estimated Current Monthly Payment - $1663.26
New first year
payment - $833.13
Estimated increased monthly cash flow -
$830.13
Estimated increased yearly cash flow -
$9961.52
Disclaimer-First years interest rate 1.25%. Interest charged at
3.45% for the first month. APR 3.74% subject to increase monthly. 30-year
loan.
This loan may have negative amortization. Max increase/decrease in
monthly payment is 7.5% per annum for the first five years. This is an ARM
product. Example payments based on 7.0% interest rate and $250000
loan.
“During the loan process I got a chance to visit her home and was
really impressed by the cleanliness of both her home and all the kids. I have
three of my own and I can tell you it’s a challenge to keep up the house and the
kids and the homework.”
“Clearly a great family! We decided to waive our
fees and pick up the costs involved in this transaction for Mr. and Mrs. P who
are providing love and shelter to the innocent children victimized by
addiction."
“It was the least we could do for this amazing family that
breaks even after buying clothes and food for the kids. For Angela and her
husband, this is truly a labor of love!” concludes Rees.
For more
information on Pay Option Mortgage Loans please call 1-866-398-4664 or go to http://www.goldmedalmortgage52.com.
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Source : http://www.prweb.com/releases/2005/6/prweb247840.htm