A Wealth of Options In One Flexible Loan

At last, a mortgage that puts you in control of your monthly payments - the Option ARM.

Each month, an easy-to-read loan statement lets you choose the payment amount that best suits your financial situation. Pay the minimum amount to free up funds for other uses, or make larger payments for faster equity build-up. It's ideal if your income fluctuates or steadily increases over the years. Attractive loan features include:

• 3.95% Start Rate
  Predetermined payments are based on a start rate of 3.95% and are fixed for the first 5 years. The payments are set and cannot change.
  
  
• 5 YRS Guaranteed Minimum Payments
  Although the loan interest is based on the very stable MTA index, your annual payment increase is limited to only 7.5% of the previous year's payment. Based on this payment cap, your minimum payments are set for the first five years. For example: If your current minimum payment is $1,000 per month, the next year minimum payment will be only $1,075, with the following years minimum payment being only $1,156.
  
  
• 11.50% Lifetime Cap
  A lifetime interest rate cap which protects you financially by limiting how high your interest rate can go.
  
  If rates increase, you can pay the minimum amount, in which case some of your interest would be deferred. Deferred interest, also known as negative amortization, occurs when the monthly payment is not sufficient to cover the interest accrued during the month prior. The unpaid interest is added to the balance of the loan, rather than increasing the current monthly payment.
  
  
• Flexibility of payments
  The MTA option ARM puts you in control of your payments. It is your choice every month as to which of four flexible payments options you select.
  
  
  Select Your Payment Option
  Review your monthly financial objectives, in the sample payment coupon section of the loan statement. Send us a Refinance inquiry for a quote specific to your situation.
  

Option 1: Keep payments Manageable
Pay the minimum amount due, which may result in interest being deferred.

Option 2: Pays all Interest
Pay the minimum amount owed, plus any deferred interest for that month's payment (this is the same as an interest-only payment).

Option 3: Pays Principal too
Pay the full principal and interest amount to fully amortize your loan according to the original term.

Option 4: Build Quick Equity
It would full amortize your loan in 15 years of less.