Pick A Payment ^sm Loan (also known as Option Arm)
program details:

Pick-A-Payment ^sm Loan is for the first time homebuyer, self-employed business owner or someone who would like a loan with a lower payment and pay less interest

It is an adjustable rate, and the highest rate ever during the past 12 years was only 8.75% which occurred October 1995  *.   Rates and APR subject to change on a daily basis and is partially based upon your own credit score.  *Rates and APR subject to change because interest rates/APR and loan terms can and do change daily.

For example if your monthly payment is $1000.00 this year, then next year that payment can not go up any higher than $1075.00 (which is a payment increase of 7.5%)
MAX MONTHLY PAYMENT INCREASE:
$1,000.00 year one
$1,075.00 year two etc..   

Available on Refinances or Purchases. 

Sometimes after the 3 - 5 years it can be converted to a 30 year fixed.

It can also have a true bi-weekly option.  Each and every 2 weeks it reduces your principal, unlike other companies programs which only reduces the principal less often.

Can be available if you had a bankruptcy 2+ years ago if you are w-2 employee.
Can be available if you had a bankruptcy 5+ years ago if you are stating your income.

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.

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.  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. 

Stated income and full w-2 income are the same interest rates. 

SELF EMPLOYED BUT STATING INCOME: Required to be for 2 or more years. You can prove it pretty easy maybe by a business card or even a yellow pages ad from 2 years ago. 

W-2 EMPLOYEE BUT STATING INCOME: If you are a w-2 employee but you do not want to prove your income you can state your income. Then all we do is make a telephone call to your employer just to verify you are working there and when you started, but no verification of the income.

STATED INCOME:
Need 10% down and a middle credit score of 695. There will be a 75% Pick-A-Payment ™Loan 1st mortgage, and a 15% 2nd mortgage ARM/Adjustable interest only and on 02/25/04 it was 6.75%

W-2 INCOME:
Need 5% down and a middle score of 640. There can be an 80% 
Pick A Payment ^smLoan 1st mortgage, and a 15% fixed for the 2nd mortgage at 9.95% fixed.

-------------------------
This Pick A Payment ^sm Loan program is pretty picky and as you can see there are rules so if you credit scores are less, or you don't meet the down payment required, we do have other programs whether they are ARM/Adjustable or Fixed rates or Interest only.

What is a point? . History of rates . What is PMI (mortgage insurance) and how to get rid of it? . Buyers . Refinancing

My other programs

Pick-A-Payment  ^sm Loan is a protected service mark of Golden West Financial Corporation