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Pick A Payment ^sm / Option Arm

Each and every month (for the first 5 or so years) you will get a monthly statement with 4 choices.  You can choose a different or the same choice every month.

Choices:
1)  Interest Only
2)  ARM (Adjustable Rate)
3)  15 Year Fixed
4)  30 Year Fixed

After you make a payment they recalculate your next months balance owed.
And they will send you a new statement with those same 4 choices again.

Each month you can pick a different one, or the same, it's up to you.  This is better than just having one payment option a month.

Great for people that do not get the exact same amount in their paycheck each month, like sales/commission people.

Example #1 $200,000 loan amount pi
Example #2 $400,000 loan amount ck

This adjustable rate mortgage can make home buying more affordable. You can increase your cash flow by selecting a very low payment from the variety of choices available.  This flexibility gives you more control over your finances, and your payments remain much lower than other ARMs until your loan is re-amortized at the tenth year.*

You benefit from:
• Very low mortgage payments in the start-up years
• Increased monthly and yearly cash flow (see example below)
• Choice of payments each month so you can:
- Make the minimum monthly payment and free up cash
- Increase the amount and pay off your loan sooner

 (we do have 1.50%, 1.00% and 1.95% rates too, just ask me about it)
 
1.25% Rate (Pick A Payment ^sm Loan) program:
Example #1 $200,000 loan amount pi
Example #2 $400,000 loan amount ck payment

Pick A Payment  ^sm Loan (also known as Option arm) * is for the w-2 employees, first time homebuyer, self-employed business owner or someone who would like a loan with a lower payment and pay less interest option arm
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Calculate your savings (click here)      Rates Legal Assumptions   Details

Example: $400,000 loan amount *    option arm
Each and every month you will be given these same four choices to pick from. This is also known as an Option Arm mortgage.
Click here to Request a quote

Each month, your mortgage statement lets you choose any one of these.  Each month you can change what you choose.   THIS IS the MOST flexible loan available anywhere in the US.

Choice #1- $1,333.01 (1.25% ARM/Adjustable) (1.387%APR)
Choice #2- $1,559.00 (4.677% interest only payment) (4.797%APR)
Choice #3- $2,069.03 (4.677% pays down principal just as a 30 year mortgage does) (4.844%APR)
Choice #4- $3,096.28 (4.677% pays down principal just as a 15 year mortgage does) (4.969%APR)

*Rates and APR subject to change because interest rates/APR and loan terms can and do change daily.

Example: $200,000 loan amount * option arm
Each and every month you will be given these same four choices to pick from. This is also known as an Option Arm mortgage. 
Click here to Request a quote

Each month, your mortgage statement lets you choose any one of these.  Each month you can change what you choose.   THIS IS the MOST flexible loan available anywhere in the US.

Choice #1- $666.50 (1.25% ARM/Adjustable) (1.454%APR)
Choice #2- $779.50 (4.677% interest only payment) (4.856%APR)
Choice #3- $1,034.51 (4.677% pays down principal just as a 30 year mortgage does) (4.926%APR)
Choice #4- $1,548.14 (4.677% pays down principal just as a 15 year mortgage does) (5.110%APR)

*Rates and APR subject to change because interest rates/APR and loan terms can and do change daily.

*Rates and APR subject to change. 4.427 to 4.927% is the actual rate. Lowest rate of 4.427% reserved for best credit history and scores, w-2 employee, enough reserves, low LTV, low DTI. 
*We also have another Pick-A-Payment ™program that is more lenient to credit issues and its lowest rate is 1.95% ARM/Adjustable).

Details    Click here to Request a quote

The COSI index - This unique, slow-changing index based off of checking, saving, and cds is only available on our pick a payment ^sm Loan Program  1.5% loan.  The historic stability of the COSI index means that changes will be much smaller and more gradual than you see with other indexes such as the incredibly volatile MTA or LIBOR .  It's an index with built-in shock absorbers. 

The Fixed Rate Conversion Option- No other lender offers this type of chance to put your borrowers' fears about uncertain rates to rest.  When you take advantage of this option, a single phone call and small $200 fee lets them have control over their loan's future.  Peace of mind, without any hassle. 

The Equity Builder True Bi-weekly Option.   Gain equity more rapidly, own their homes years sooner, and save thousands of dollars in interest over the life of a loan compared to a similar 30-year monthly payment adjustable loan.  Our equity builder loan, unlike many biweekly options, puts the money to work immediately, meaning your clients will see savings immediately too.  Convenience that makes clear financial sense.   No monthly fees. Payment is applied every 14 days.

     Click here to Request a quote

Our Option ARMs offer you the most flexibility when qualifying for a loan, then put you in control of your finances when you start making payments. Manage your money the way you want with up to four payment options each month:

		Minimum payment:  The smallest payment to let you keep the most cash now. Choose this option to let you keep more cash now and keep monthly payments manageable. Generally, this payment changes annually and is calculated using the initial interest rate for the first 12 months. After that, the minimum payment is usually recalculated based on the outstanding principal balance, remaining loan term and prevailing interest rate. A payment cap limits how much this payment can increase or decrease each year. Interest rate adjustment feature and payment change cap, and certain payment options, can result in deferred interest. In the event your principal balance otherwise would increase to 125% (110% in NY) of your original loan amount, we will adjust your minimum payment amount immediately. This means that the minimum payment amount may increase more frequently than annually, and payment changes will not be limited by the 7.5% payment change cap.
		Interest-only payment:  Keep payments manageable while paying all your interest. At those times when the Minimum Payment is not enough to pay the monthly interest due, you can avoid deferred interest with this option. You pay the minimum monthly payment and all additional interest accrued during the month. So you avoid deferred interest, and your payments are still manageable. Note: This option does not result in principal reduction.
		Fully amortized payment:  Reduce your principal and pay off your loan on schedule. It's calculated each month based on the prior month's interest rate, loan balance and remaining loan term. When you choose this option, you reduce your principal and pay off your loan on schedule.
		15-year payment:  Own your home twice as fast. If you want to build equity faster, pay off your loan quicker and save on interest, this is the option for you. It's calculated to amortize your loan based on a 15-year term from the first payment due date.   No mortgage insurance if 1st mortgage is 80% or less  *   Guidelines:      Click here for more detailed Guidelines   95% Purchase 650 score, 40% DTI, full documentation (80/15) tough to get  *   90% Purchase 650 score, 40% DTI, full documentation (80/10)  * If score is 650-679, 5% needs to be verified, 3% needs to be seasoned If score is 680+, 5% needs to be verified, no seasoning Max combined loan normally $400,000.    2nd is a 30 year fixed. 2.95% start rate though.   90% 640 score, 45% DTI, full documentation (80/10)  * If score is 640-679, 10% needs to be verified, 3% needs to be seasoned If score is 680+, 10% needs to be verified, no seasoning Max combined loan normally $500,000.    2nd is a home equity line of credit - interest only. 2.95% start rate.   90% 695 score, 45% DTI, Stated No Income Verification (75/15)  * Seasoning:  your 10% down payment and also 4 months reserves Max combined loan normally $500,000.    2nd is a home equity line of credit - interest only. 2.95% start rate.   80% No min. score, 45% DTI, full documentation (20% down can be gift)  * 20% needs to be sourced and seasoned for purchase. 20% can be a gift if it meets the gift profile we have.   80% No min. score, Stated No Income Verification, 45% DTI (no 4506 or 8821)  * 20% needs to be sourced and seasoned for purchase. If refinance, must have 675 score if getting cash out If refinance, no min. score if rate/term refinance   75% No min. score, Stated No Income No Assets, 45% DTI , up to $1 Million  * Stated income and stated assets   70% No Income on Investor 80% Cash Out 75% Cash Out – No Income 75% Cash Out – Second Home 65% Cash Out – No income on investor and Second Homes   Rates for Full-Doc or Stated-Doc files are usually the same  *   Self-Employed Stated-Doc, proof of business is a business card. (no 4506 or CPA letter required).  *   Minimum rate is actually 2.95% if the combined loan to value is over 80%  *   Reduce the 2.95% to 1.95% for all loans if 80% or less LTV Loan to value and score of 650+   *   Jumbo pricing can start $333,700 to $600,001  *   Click here for more detailed Guidelines *Rates and APR subject to change because interest rates/APR and loan terms can and do change daily.

Owner-Occupied Guidelines We have more Option-Arm Pick A Payment sm Loan with different guidelines than what is listed here, but this should help      *
1-Unit
	Purchase and Rate and Term				Cash-Out
	Full/Alt Doc		Reduced Doc		Full/Alt Doc		Reduced Doc
Max Loan Amount	Max LTV/ CLTV	Min Credit Score	Max LTV/ CLTV	Min Credit Score	Max LTV/ CLTV	Min Credit Score	Max LTV/ CLTV	Min Credit Score	Max Cash-Out
$400,000	80/90	620	80/90	620	80/80	620	80/90	660
	95	620
$500,000	80/90	620	80/90	660	80/80	620	80/90	660	LTV > 75%: $100,000
	90	620	75/75	620
$650,000	80/90	620	80/90	660	80/80	620	80/80	660	LTV: 55.01-75%: $200,000
			75/75	620
$1,000,000	80/90	620	75/75	680	75/75	680	70/70	680
$1,500,000	75/75	620	65/70	680	70/75	680	65/70	680	LTV < 55%: no maximum
$3,000,000 (1)	70/70	700	65/70	700	65/70	700	60/70	700
$6,000,000 (1)	60/70	720	60/70	720	55/70	720	55/70	720
*Rates and APR subject to change because interest rates/APR and loan terms can and do change daily. Restrictions: State of New York: Max LTV 80%. (1) Loan amounts greater than $3,000,000 must be underwritten through a dedicated centralized underwriting group. Refer to your Operational Department for policies and procedures. *Rates and APR subject to change because interest rates/APR and loan terms can and do change daily. Pick A Payment sm Loan is a protected service mark of Golden West Financial Corporation