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MINIMUM  PAYMENT MORTGAGES

MINIMUM PAYMENTS:

Minimum payment mortgages offer a borrower the chance to make a minimum monthly payment:

  • payment at the 30 year level

  • payment at the 15 year level

  • interest-only payment

  • minimum payment

EXAMPLE:

An example of this type of payment levels for a $500,000 loan at 7.8%* APR with a minimum payment rate of 1% is:

  • minimum payment of $1,608

  • interest only payment $3,250

  • 30 year term payment of $3,599

  • 15 year term payment of $4,721

Minimum payment loans include:

  • 40 year loan options

  • 90 days no payments options

  • conversion to fixed rate options

  • hybrid payment options

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LOAN ARTICLES

*This loan has the potential for negative amortization (deferred interest). The initial interest rate for the loan may change after the first month. The minimum payment option is available for the first 5 years, with the minimum payment rate being reset on an annual basis. This payment may increase. Maximum lifetime rate for the loan is 9.99%.

*Assumptions and Disclaimer:

  • All loan pricing is for loans that are 80% or less of the value of the property with full documentation
  • The final rate may vary, based on your market changes, income, credit, loan ratio, and other loan factors
  • Your rates will be based on how you want to structure the loans - no points or other options
  • Your final rate is determined after loan approval and a rate lock, and may differ from the rates listed
  • There is no guarantee of loan approval
  • All pricing is for FICO scores over 720 unless otherwise noted
  • Rates are subject to change without notice