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allspectrum.info Link exchange submission form: Getting an Option ARM or Option One Mortgage Loan
Have you heard about or been interested in finding out more about option one mortgage loans? They are becoming very popular, but its important to understand how they work before you apply for one. I will describe, in this article, an overview of the most common type of option ARM mortgage loan or option one mortgage loan. How do they work? Option one mortgage loans are basically interest only mortgage loans, except that the first year, you pay only 1.25% of the interest on the loan. The remainder of the interest that is accruing is being added to the loan amount. The second year of the loan you pay more interest until gradually you are paying either full interest only payments or fully amortized payments (interest & principle). The reason the loans are called option loans is because every time you have a payment due, you have the option of paying the less than interest only portion, interest only or a fully amortized payment. This option would be good in a situation where your income is sporadic. This mortgage loan type typically gives you 4 payment options in every bill. Here are your typical monthly payment options: Option #1 - Pay a 15-Year fully amortized payment amount (p&i) Option #2 - Pay a 30-Year fully amortized payment amount (p&i) Option #3 - Pay the interest-only portion of the loan (Interest Only) Option #4 - Make a partial interest payment (1.25% - 1.95% depending on your loan type) and defer paying the additional interest to the total loan amount. (Deferred interest can be counteracted by making bi-monthly payments and by property appreciation) This type of loan is good if you want to: Wait a while to refinance again - If interest rates drop again, so does your payment. If you want to accelerate your payments and increase equity quick, pay more on your loan and it will be applied to future payments & will be directly applied to the principle balance. Will you want a 30-year loan? Keep the option to pay your loan as a 30-year, 15-year, or interest only payments. Have an adjustable rate mortgage but want stability - This loan has a payment cap. The interest rate on this loan is based on the 12 month-MTA index, the most stable index of the 4 main indexes (COFI, LIBOR, MTA & CMT). This index is always below prime. The interest rate is based on the world economic markets which have been steadily coming down over the last 3 years. This loan has a 5-year fixed payment option as well. Invest your payment savings in something else - This could open up opportunities for you if you could invest in real estate, the stock market or another investment when you use the extra $500-1000+ a month you free up from your property payment. Pay off debt with your payment savings - You can use the payment savings to pay off other debt. Have security and options in your mortgage loan - The main benefit to this type of loan is the security of a mortgage payment that you control. You decide at any time what kind of a mortgage you want. If all goes well in your future, you have the freedom to pay your 30 year loan into a 15 year loan without even consulting another mortgage broker. Get more home for your money - You can qualify for more home with these low payment options. Who Can Qualify? Qualifying for this loan is basically the same as any other loan, it is based on credit, equity & assets, if you are strong in 1 of these or 2 of these, you could probably qualify and with lowest rate possible. What if I want to take out a stated income loan? "Stated Income" or "No income/assets" loans are possible with this Option One Loan. These are just general guidelines and information about this type of loan. You will want to discuss all of these details with your broker or lender before you actually complete the loan. These factors may vary with each individual lender. Many lenders do not offer their customers this type of loan. If you are seeking an option one or option ARM loan, you will need to talk to your broker about it or find a broker that can do this type of loan. To see our recommended lenders for this type of loan. Visit here: Option One Mortgage Lenders. Written by Carrie Reeder, Owner of ABC Loan Guide. Carrie's website is an informational mortgage loan website. Her website has articles and a list of recommended mortgage lenders for many different types of mortgage loans. Save This PageRobSells4You.comLearn how to make a fortune in Real Estate Buy Foreclosures from 50% off and Bank Properties Updated Daily San Francisco Bay Area Foreclosure Bank REO property links Buy Real Estate 20-30 percent below market Fremont Bank Owned Real Estate for sale East Palo Alto Bank owned properties for sale Hayward Bank owned properties for sale Newark Bank owned homes for sale Union City Bank owned properties for sale Housing and Foreclosure NewsOptimists:
House prices expected to fall until 2009 (articles.moneycentral.msn.com) MutualFunds/HowToProfitFromTheHousingMess
(articles.moneycentral.msn.com) Home Equity, benefits to doing a cash out refinance Second Mortgage or Home Equity Line of Credit ? Interest Only Home Loan ? Is It Right For You? Refinancing Options For You And Your Family Make Shopping For Your New Home Loan A Little Easier Benefits To Refinancing Your House Online Essence of Self Certified Mortgages - Mortgage-Refinance Loans For People With Bad Credit How to Save Money by Using an Independent Commercial Mortgage Broker - Mortgage-Refinance Mortgage Terms Explained Prime and Sub Prime Buying a Home With Bad Credit - Get Approved With a Recent Bankruptcy or Foreclosure Poor Credit? Get a Sub-Prime Mortgage Now, and Refinance to a Conventional Mortgage Later A Mortgage Professional Beats a Banker Every Time -- The Story Tells It All Is the Inverse Mortgage a Scam? New Program Promises Mortgage Payoff inside of 5 Years How to Find the Lowest Rate Possible! Top 5 Methods to Manage Your Home Equity Buying a Home when Rates go Up How To Save Hundreds A Month On Your Mortgage Where To Find The Best Rates For Your Mortgage To Refinance or not to Refinance -- Here is the Answer Mortgage- Rehabilitation Of Financial Helplessness Remortgage Serves To Rewind The Reimbursements Of Mortgage Tips On New York Mortgage Refinance Loan What is the best Second Mortgage Home Loan ? An Infinity Mortgage? - Mortgage-Refinance Its Important to Get Pre-Approved How They Work? Adjustable Rate Mortgage How Not To Be Ripped Off By Mortgage Brokers Fees Paid To Brokers By Mortgage Lenders Are Far Too High The Top 5 Things You Must Know Before Applying for a Mortgage Things to Consider Before Refinancing 5 Steps to Getting on Top of your Mortgage The World's Most Dangerous Mortgage Mortgage Information for the First Time Homebuyer Mortgage Broker Can Help You Save Thousands Mortgage Loan Most Bankers Wont Give Free Home Equity Loan Information Understanding UK Bridging Finance Mortgage Basics for First Time Home Buyers How To Get a Mortgage If You're Self-Employed Home Mortgage Interest Rates- How to Compare Bad Credit? Qualify Yourself For A Zero Down Mortgage Loan - Mortgage-Refinance The Power of a Home Equity Loan to Pay Down Debt - Mortgage-Refinance Bad Credit? Qualify Yourself For A Zero Down Mortgage Loan - Mortgage-Refinance Top 10 Things to Consider on Home Loans - Mortgage-Refinance Online Mortgages in 5 Easy Steps! Mortgage- For Those Twilight Years - Mortgage-Refinance Biweekly Equity Acceleration Options For Rising Interest Rates Debt Elimination in 5 to 7 years Use of Your Home Equity Line of Credit Home Equity Loan or Home Equity Line of Credit? Gearing Up for Bad Credit Mortgages 101 Your Home Equity Loan Checklist Home Loans 30-year, Fixed-rate Mortgage Thieves Use Identity Theft to Steal Your Equity Reasonable Capital Growth with Financial Obligation What is a Buy To Let Mortgage? What is a Self-Certification Mortgage? Refinancing Your Home Mortgage Loan With Bad Credit Things to Watch Out for When Choosing a Mortgage Company Refinance Your Second Mortgage - Save Money Preventing Foreclosure Proceedings and Understanding Your Options Obtaining a Home Equity Loan Online Comparing The True Cost Of Obtaining A Home Loan
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