With this
option, loan payments are calculated on a 40-year term versus the more
traditional 15 or 30. This reduces the monthly payment quite a bit. Because the
40-year term is available on our Option ARM product you also get the advantage
of up to 4 monthly payments so it's easy to make larger payments in those months
when you have more disposable cash, or when you want to accelerate the
amortization on your loan.
Advantages
Lower
monthly payments
Leaves you
more cash each month for other uses
If you own
a rental property, it's a better way to manage your monthly cash flow
Consider a
40-Year If:
You want
to minimize your monthly payment.
You're
trying to minimize cash expenses on an investment property.
You plan
to be in the house 5 years or less and home values in your area are
appreciating
Programs
subject to change. Certain restriction and conditions apply.
Rates vary with geographic location
APR is abbreviation for annual percentage rate
Rates change frequently and these rates may not reflect the latest market
conditions
Expressed interest rate may change or be unavailable at commitment or
closing
Rates based on primary residence, purchase transaction, with tax and
insurance escrows
Re-finance rates may be slightly higher
Some loans may have pre-payment penalties
Rates on some programs may require higher down payments
This is only a brief summary of rates and programs and possible fees, call
for additional information on underwriting requirements
and program limitations. Guidlines posted here are general in nature
and subject to change without notice.
Rates must be locked by phone or in person.
Mortgage calculators are believed to be accurate but results are not
guaranteed
All information published on this web site is believed to be accurate but
cannot be guaranteed
Bill Meyers is employed as a mortgage loan consultant for one of the
nation's largest residential lenders. Bill works as an employee and
not a mortgage broker. This is Bill's personal web site and not the
official web site of any bank or mortgage company. Please
consider all information posted on this site to be general in nature and
representative of mortgage rates and policies that may be available from
various sources. Bill is located in Naples Florida. Bill can be
reached on his cell phone at 239-566-8484 or toll free at
877-994-9589. Please call for additional information.
