“We recently received an application from Angela P. who needed to refinance her California home. While finding out her specific goals for the refinance I learned that she was a foster mom and cared for multiple "crack" babies that had been taken away from their mothers at birth because of testing positive for an illegal substance during labor,” states Gary Rees of GoldMedalMortgage.com
“She was trying to utilize the equity in her home to remodel and add a bedroom to make it more comfortable for the two teenage and two newborn children her and her husband care for.”
“For their situation I decided that a Pay Option mortgage loan program would give them the cash flow needed to cover shortfalls. It also lowered their mortgage payment over 1500 a month,” continues Rees.
A Pay Option Mortgage Loan allows the complete flexibility to decide, every month, which of four mortgage payments you would like to make.
This program is ideal for anybody that has fluctuating income such as the self-employed. Pay Option is also an excellent choice if you are looking to buy a new home and want the lowest possible monthly payment, or if you simply just want to lower your existing mortgage payment.
The Pay Option Mortgage is a relatively new product that allows you four payment options each month.
1. 15 year payment- Pay your 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 Mortgage is the absolute best adjustable mortgage 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 new adjustable mortgage.
Here is an example of what a Pay Option Mortgage could for you
Estimated Current Monthly Payment - $1663.26
New first year payment - $833.13
Estimated increased monthly cash flow- $830.13
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 $250000 loan.
“During the loan process I got a chance to visit her home and was really impressed by the cleanliness of both her home and all the kids. I have three of my own and I can tell you it’s a challenge to keep up the house and the kids and the homework.”
“Clearly a great family! We decided to waive our fees and pick up the costs involved in this transaction for Mr. and Mrs. P who are providing love and shelter to the innocent children victimized by addiction."
“It was the least we could do for this amazing family that breaks even after buying clothes and food for the kids. For Angela and her husband, this is truly a labor of love!” concludes Rees.
For more information on Pay Option Mortgage Loans please call 1-866-398-4664 or go to http://www.goldmedalmortgage52.com
About the Author
Full service marketing
Written by: Keith Hunt
Showing posts with label California. Show all posts
Showing posts with label California. Show all posts
Saturday, March 28, 2009
Thursday, March 26, 2009
Doing A California Refinance Online
Californians are passionate people. I know. I have lived in California my whole life: From the smoggy basins of Los Angeles, to, well, the smoggy basins of Sacramento. I’ve traveled highway 101, I’ve smelled the glory of the Redwoods, and I’ve experienced the confusion of the Terminator becoming governor. Without turning into a pop-song, I’ve done it all California-style, and that even includes, moving through the exciting process of doing a California Refinance Online!
Okay, so it’s not exactly as poetic or as exciting as I’m making it out to be, but a California Refinance conducted online does not make you a bad Californian. It makes you a smart consumer, and if it’s important for you to keep your business local, then there’s no need to shy away from your monitor. You can still do it all in your pajamas.
In the next few moments, I’m going to cover some basics to ease your worries and calm your nerves about using the internet to gain access to local money.
1.You are in Total Control.
2.Some Important Online Information
3.Keeping it Local!
4.Start Broad, And then Narrow Your Search.
1.You are in Total Control.
a)Chances are, you will be filling out a short 30 second form online in the very near future, and in return, you will be receiving 3 to 4 immediate offers from brokers and lenders vying for your business.
b)But that doesn’t mean that you must receive offers from banks located at the top of the Space Needle or beneath the catacombs of the Grand Canyon.
c)The majority of the loan search services available online provide you with the option to request loan offers from several brokers specific to your area. You don’t need to reach far and wide to get a good deal.
d)This means that you can rest easy. When it’s time to complete the online short-form application, just make sure the query asks you if you’d like to narrow your search.
2.Some Important Online Information
a)Ask if your prospective mortgage broker and/or lender are licensed under the CMLA, the California Mortgage Lending Act of 1994. http://www.corp.ca.gov/pub/mb.htm
b)Check out their complaint history with the Better Business Bureau online. http://www.bbb.org/
c) Ask if they are a member of the CMBA, the California Mortgage Bankers Association http://www.cmba.com/
d) Do you qualify for Affordable Housing? If so, make sure your lender can broker a loan that will meet your needs. Here is the current Interest Rate Schedule: http://www.calhfa.ca.gov/homeownership/rates/index.htm
e) Research the current California Mortgage Refinance Rates online. We offer a free, daily rate-watch at our site, but interest rate information is everywhere.
3.Keeping It Local
a)Doing a California Refinance from your neighborhood bank or local broker, is probably a very good idea.
b)One important reason is that they know the terrain, and they know what things are like in your home town or State.
c)Every region has a different set of variables and demographics that determine its respective health or struggles, as it pertains to mortgage rates.
d)If your preference is to do your refinance with local information and personable service, then I say go with your instincts.
4.Start Broad, Then Narrow Your Search
a)Start with a broad query using the Internet, and then narrow your search.
b)There are too many banks and brokers in your area, for you to call on the phone, or take a day to drive by each office for a personal visit.
c)Use the internet as a resource. Start wisely. Conduct a broad California Refinance loan search, via the methods discussed above, and then zero in on the folks down the street.
d)If you are not making decisions based on wise, savvy shopping tactics, then in the end, you could wind up spending more money through higher rates, or higher fees, all in the good name of convenience.
e)You can still go local in the end. Those are the parameters that you get to choose when conducting a search. But don’t start there.
The internet is a powerful tool, for your California Refinance needs. Don’t ignore it. Use it, and use it to your full financial advantage.
We’ve enjoyed providing this information to you, and we wish you the best of luck in your pursuits. Remember to always seek out good advice from those you trust, and never turn your back on your own common sense.
Publisher’s Directions: This article may be freely distributed so long as the copyright, author’s information, disclaimer, and an active link (where possible) are included.
Disclaimer: Statements and opinions expressed in the articles, reviews and other materials herein are those of the authors. While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.
About the Author
Copyright 2005, by Loans-Resource.Com , This article is available in full format at: California Refinance , Tom Levine provides a solid, common sense approach to solving problems and answering questions relating to consumer loan products.
Written by: Tom Levine
Okay, so it’s not exactly as poetic or as exciting as I’m making it out to be, but a California Refinance conducted online does not make you a bad Californian. It makes you a smart consumer, and if it’s important for you to keep your business local, then there’s no need to shy away from your monitor. You can still do it all in your pajamas.
In the next few moments, I’m going to cover some basics to ease your worries and calm your nerves about using the internet to gain access to local money.
1.You are in Total Control.
2.Some Important Online Information
3.Keeping it Local!
4.Start Broad, And then Narrow Your Search.
1.You are in Total Control.
a)Chances are, you will be filling out a short 30 second form online in the very near future, and in return, you will be receiving 3 to 4 immediate offers from brokers and lenders vying for your business.
b)But that doesn’t mean that you must receive offers from banks located at the top of the Space Needle or beneath the catacombs of the Grand Canyon.
c)The majority of the loan search services available online provide you with the option to request loan offers from several brokers specific to your area. You don’t need to reach far and wide to get a good deal.
d)This means that you can rest easy. When it’s time to complete the online short-form application, just make sure the query asks you if you’d like to narrow your search.
2.Some Important Online Information
a)Ask if your prospective mortgage broker and/or lender are licensed under the CMLA, the California Mortgage Lending Act of 1994. http://www.corp.ca.gov/pub/mb.htm
b)Check out their complaint history with the Better Business Bureau online. http://www.bbb.org/
c) Ask if they are a member of the CMBA, the California Mortgage Bankers Association http://www.cmba.com/
d) Do you qualify for Affordable Housing? If so, make sure your lender can broker a loan that will meet your needs. Here is the current Interest Rate Schedule: http://www.calhfa.ca.gov/homeownership/rates/index.htm
e) Research the current California Mortgage Refinance Rates online. We offer a free, daily rate-watch at our site, but interest rate information is everywhere.
3.Keeping It Local
a)Doing a California Refinance from your neighborhood bank or local broker, is probably a very good idea.
b)One important reason is that they know the terrain, and they know what things are like in your home town or State.
c)Every region has a different set of variables and demographics that determine its respective health or struggles, as it pertains to mortgage rates.
d)If your preference is to do your refinance with local information and personable service, then I say go with your instincts.
4.Start Broad, Then Narrow Your Search
a)Start with a broad query using the Internet, and then narrow your search.
b)There are too many banks and brokers in your area, for you to call on the phone, or take a day to drive by each office for a personal visit.
c)Use the internet as a resource. Start wisely. Conduct a broad California Refinance loan search, via the methods discussed above, and then zero in on the folks down the street.
d)If you are not making decisions based on wise, savvy shopping tactics, then in the end, you could wind up spending more money through higher rates, or higher fees, all in the good name of convenience.
e)You can still go local in the end. Those are the parameters that you get to choose when conducting a search. But don’t start there.
The internet is a powerful tool, for your California Refinance needs. Don’t ignore it. Use it, and use it to your full financial advantage.
We’ve enjoyed providing this information to you, and we wish you the best of luck in your pursuits. Remember to always seek out good advice from those you trust, and never turn your back on your own common sense.
Publisher’s Directions: This article may be freely distributed so long as the copyright, author’s information, disclaimer, and an active link (where possible) are included.
Disclaimer: Statements and opinions expressed in the articles, reviews and other materials herein are those of the authors. While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.
About the Author
Copyright 2005, by Loans-Resource.Com , This article is available in full format at: California Refinance , Tom Levine provides a solid, common sense approach to solving problems and answering questions relating to consumer loan products.
Written by: Tom Levine
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