Option ARM

(aka "Pick-A-Payment Loans")

If you’re looking for maximum possible qualifying power, or LOWEST POSSIBLE PAYMENTS the Option ARM loan is the loan for you. With a super-low introductory rate as low as 1%, you can qualify for a larger loan, lower payments – and a bigger house.

The Option ARM loan has a very stable index (the index is averaged over a 12 month period of one year Treasury constant maturities). This averaging procedure means the index fluctuates less than any other index we offer. In turn, your rate is more stable.

This loan offers four, flexible payment options that you can choose from each month, giving you maximum control over your finances.

Payment Options:

• Minimum Payment

   The lowest payment option, calculated at as low as 1% to 1.75%, which will help you save the most cash each month.
• Interest Only Payment

   Will keep your payment low, and pay all interest due.*
• Fully Amortized Payment

   Will reduce your principal, and pay your loan off on a thirty year term.*
• 15 Year Payment

   A higher payment, but will pay your loan off on a fifteen year term.

* Applicable only if these payment amounts exceed minimum payment option.

This loan is all about choices.

You choose your monthly payment every month. You can make the fully amortized payment, and your balance will decrease like any other loan (or make a 15-year payment and own your home in half the time).

You can save cash in any month by making the interest only payment, and your balance remains the same. Or, you can save even more cash by making the "minimum monthly payment", and the interest you don’t pay will be added to your balance.

There are risks with this type of loan. Because your "minimum" monthly payment may be less than the interest rate charged on your loan (after the first change date), your loan balance could increase. However, your maximum loan balance increase is limited to 110% of your initial loan amount. Every five years, your minimum payment will be recalculated based on the unpaid principal balance, and re-amortized for the remaining term of the loan, which could mean higher monthly payments. Between these five year adjustments, your minimum payment will not increase more than 7.5% annually. For details, please read and review the program disclosure, which will be provided to you within three days of your complete application.

If you are self-employed, anticipate higher income in the next few years, want to maximize your tax write-offs for mortgage interest, or have seasonal or annual increases in income, this could be the loan for you. Speak to a customer service representative by calling 425-486-0770, or send us and e-mail from our Contact page to get more information on the 12 MAT Adjustable Rate loan from No Bull Financial.

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