More California Homeowners Turn To Pay Option ARM Loans When Refinancing
More and more California 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 California using a Pay Option home loan is because the program gives the homeowner the choice to make one of four different payments every month.
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...
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