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Option ARMs
Option ARMs can adapt
to fit your lifestyle. They offer flexible payment options
and qualification standards.
Traditional home loan payments are
the same each month for the term of the loan. With an Option
ARM, you can choose from one of four payment choices each
month -- which gives you the flexibility to change your
mortgage payment as your needs change.
Payment
Options
- Minimum Payment
- Interest-Only Payment
- Fully Amortized Payment
- 15-Year Payment
Consider a Option ARM:
-
To minimize
your house payment to pay off other debt.
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To control
how much tax-deductible interest you pay monthly.
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To maximize
your buying power.
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If your
income tends to fluctuate.
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If you
are confident that your income will rise over the years.
Variations
-
15, 30,
and 40 year terms
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1, 3
and 6 month options: initial 1, 3 or 6 month fixed interest
period, then adjusts monthly. Payment amount fixed for
1 year then adjusts annually.
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