Florida Homeowners Using Pay Option ARM Loans To Refinance
Released on = September 30, 2006, 6:34 am
Press Release Author = Camelot Marketing
Industry = Financial
Press Release Summary = More and more Florida homeowners find flexibility of Pay
Option ARM mortgage loans beneficial when refinancing. Pay Option ARM allows choice
of four different mortgage payments every month.
Press Release Body = More and more Florida home owners are turning to a Pay Option
adjustable rate mortgage (ARM) loan when refinancing to cash out or to lower monthly
payments.
This increase of people refinancing in Florida using a Pay Option home loan is
because the program gives the homeowner the choice to make one of four different
payments every month.
For immediate assistance on a Florida Pay Option Home Loan please call 1-866-398-4664
Or go to http://www.goldmedalmortgage.com
The Pay Option ARM refinance home loan 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.
All types of borrowers are taking advantage of a Pay Option refinance, but the two
most common are self-employed/commissioned borrowers and those that with a current
financial position where they need the absolute lowest payment.
Pay Option ARM mortgage loans are ideal for the self-employed, Generally the
self-employed have fluctuating income and this program allows a mortgage payment
that is consistent with cash flow.
For instance a self-employed Florida contractor who is busy during the spring and
summer, but due to weather conditions in the winter business slows down. When
business is going well the contractor can make a fully amortized payment but when
business is slow he can take advantage of the new low deferred interest payment. It
gives him great flexibility to make the mortgage payment he wants depending on his
monthly cash flow situation.
In addition to refinancing those looking to buy a new home or even a first time home
buyer and want the lowest possible monthly payment.
Although the Florida Pay Option Refinance Loan is the absolute best adjustable rate
mortgage ( ARM ) product currently available borrowers should remember to use the
program to their advantage. If they only make a minimum deferred payment then the
deferred interest will be added to their principal balance at the end of 5 years.
For immediate assistance on a Florida Pay Option Home Loan please call
Goldmedalmortgage.com at 1-866-398-4664 Or go to http://www.goldmedalmortgage.com
Web Site = http://www.goldmedalmortgage.com
Contact Details = Keith Hunt
8190 Orchard Street
Alta Loma , 91701
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