5-Year Fixed Choice Option ARM Loan.
Written by on December 14th, 2005 in General.
With our 5 Year Fixed Choice Option ARM, a borrower’s monthly minimum payment option is fixed for up to 5 years based on an introductory rate as low as 2.99%*.
Option ARMs were created to give borrowers flexibility by:
–Managing their monthly cash flow.
–Providing multiple payment options, up to 3 options per month.
–Offering the same minimum payments for the first several years of the loan.
–Providing a low monthly payment that will result in less potential deferred interest on the mortgage loan.
All three other monthly payment options are available as long as they are greater than the minimum payment (Interest Only, 15-year amortized, and 30 or 40-year amortized depending on the loan term selected).
Available with the MTA index, the 5 Year Fixed Choice Option ARM is an option that includes all the other great features of our standard Choice Option ARM including:
–Up to 100% CLTV for owner occupied and 2nd homes (Full Doc & Stated Income).
–Purchase, Rate & Term and Cash Out (80/20 combo).
–40-year loan option available.
–Interest Only and HELOC 2nds available.
The 5-Year Fixed Choice Option ARM is available now through Mortgage Match.
* Rate may vary after introductory discount rate.