Have you been bombarded with offers of LOW mortgage rates in the mail? Are you wondering how can you get such a low payment?
Low rate loans are available at “teaser” start rates such as 1%, which can reduce your monthly payment drastically. This payment flexibility can help you stretch your current cash.
But watch
A good loan choice is the Pay Option ARM. This loan allows you to choose a different payment each month. Select from options such as:
· 1% Minimum Payment
· Interest Only payment
· 30-year payoff
· 15-year payoff (higher monthly payment)
Some of these loans offer a built-in equity line, and deferred interest can be paid at the end of ownership. On the downside, some lenders do consider these types of loans to be “neg-am” loans.
So many types of loans exist, how do you find the perfect loan for your situation? Meet with your loan officer in person. It’s best to do business with folks you know and trust — they know your situation and have your best interest at heart. Ask for referrals from friends and family, find a loan officer with a good reputation in your community.
Beware of spam email, junk-mail flyers, and toll-free phone numbers. Their loan officers may give misleading payments or cash-out amounts that are unrealistic or impossible for your situation. Why? Out-of-area lenders are probably not familiar with the value of your property, your loan balances, or other liens against your house.
Also with the recent market, many lenders have closed their doors, some even during the middle of a borrower’s escrow. So when time is of the essence, make sure you’re using a loan officer with a good reputation who can fund your loan in the required time so you don’t risk losing your escrow.
R.P. Brown serves the California Central Coast, helping home buyers and sellers to realize their dreams of homeownership.
Experience Includes:
Real Estate Broker; licensed since 1988
Member of local Board of Realtors, CAR, and NAR
Notary Public; commissioned since 1998
Lifelong resident of San Luis Obispo county (4th Generation local family)
A.A. Degrees in Real Estate and Small Business Management
Technical Writing Certificate
Business Major at Cal Poly State University
Established in our community — connections with many residents & merchants
Past President of 2 local non-profit organizations
Continue to volunteer for local organizations
Previous business owner
Qualifications Include:
Experienced in all phases of Real Estate services, including
First Time Buyers
Buyer’s Broker
Foreclosures & Bankruptcy Cases
Mortgage Lending
Property Management
Motivated — Work hard for you!
Ethical and Trustworthy
MLS access by internet
Tags: adjustable rate mortgage, ARM, mortgage, negative amortization, pay option, teaser interest rate
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