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Lower Monthly Mortgage Payment Or California Refinance With Pay Option ARM ( Adjustable Rate Mortgage ) Loans
Are you looking for a credit card debt consolidation refinance and reduce your monthly California mortgage payment? If so, refinancing in California with a Pay Option adjustable rate mortgage (ARM) home mortgage loan will consolidate your existing credit card debt and get you the guaranteed lowest payment on the market today.
When you refinance your California home mortgage loan with a Pay Option ARM every month you have the complete freedom to decide which of four payment choices to make including interest only.
This program is ideal for anybody that has fluctuating income such as the self-employed. It is also ideal if you are looking to buy a new home or even a California first time home buyer and want the lowest possible monthly payment or just want to lower your existing California mortgage payment.
The Pay Option ARM refinance 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 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 ARM Refinance Loan is the absolute best adjustable rate mortgage, ARM, 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 refinance and your new adjustable rate mortgage or ARM.
Here is an example of what a Pay Option refinance could do for you.
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Estimated Current Monthly Payment |
$1663.26 |
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New first year payment |
$833.13 |
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Estimated increased monthly cash flow |
$830.13 |
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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 $250,000 loan.
For immediate assistance on a California refinance with a Pay Option Home Loan please call 877-515-9148. Or fill out our easy form by clicking the link below and a knowledgeable representative will contact you for a FREE no-obligation consultation on your refinance situation.
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