Option Arm

With four differant payment options, an Option ARM is the most flexible, versatile mortgage on today's market. Choose the option that suits you best every month. Option ARM mortgages offer a fixed minimum payment and low adjustable interest rates.

If you are short on cash one month, you can choose to make the minimum or interest only payments. You have more control over your finances.

In months where you aren't so short on cash, you may choose to pay the 15 or 30-Year Amortized payments. These options are the payments to pay off your mortgage in a 15 or 30 year time span, respectively.

15–Year Amortization Payment

This is the highest payment option, and is equal to what is needed to pay off your loan in 15 years at the current fixed interest rate. This will pay off your loan in the shortest period of time.

30–Year Amortization Payment

This payment is equal to what is needed to pay off your loan in 30 years at the current fixed interest rate and loan balance.

This option is a balanced payment option that will keep you on track with your loan, while being slightly easier on your pocket book than the 15 year option.

Interest–Only Payment

This payment option is the amount needed to repay the full interest due each month. This does not include money off of your pricipal.

Any additional amount payed on top of the interest-only payment will be applied to your principal.

Minimum Payment

This payment option is the lowest possible payment each month. This option is less than the interest payment on your loan due each month. It is also known as deferring your interest.

Generally, most Option ARM mortgages minimum payment changes each year. However, it can only increase a certain percentage of the previous year's minimum payment amount. Your minimum payment will be recalculated every five years to help you keep on top of your mortgage.