Pay Option Mortgage Loan

This loan is designed to give borrowers maximum payment flexibility. By allowing as low a payment as possible, with options to pay more, borrowers are given greater control of their monthly cash flow. In addition, this program has low annual optional payment caps and an attractive life cap (cap is a limit on a potential interest rate increase). NOTE: the Pay Option ARM is now available in 3, 5, 7 or 30 year fixed. So technically this is call a hybrid Pay Option ARM or 30 Year Fixed Pay Option.

• Borrowers with the potential of future income growth.
• Borrowers who want to have more control over their finances and cash flow.
• Borrowers whose income varies from month to month, such as self-employed or commissioned sales people.
• Borrowers who want to purchase homes of high value, yet want to keep their payment manageable.
• Significant savings for high-end borrowers. This product is good for loans up to jumbo & super jumbo (very large loan amounts.)
• INVESTORS- Maximize cash flow and take advantage of your equity on a monthly basis.

The minimum payment for this program could be up to 50% less than your traditional payment. Program Design: This loan is designed to give borrowers maximum payment flexibility. By allowing as low a payment as possible, with options to pay more, borrowers are given greater control of their monthly cash flow. In addition, this program has low annual optional payment caps and an attractive life cap.

Basics: This program is based on the Monthly Treasury Average (MTA), if you are not using the 30 year fixed option. The MTA is a very stable index used to determine the monthly interest rate. It is derived from the twelve-month average of monthly yields on activity traded U.S. Treasury Securities.

How the Pay Option ARM Works: The borrower's first year payment is based on a low interest rate, with terms as long as forty years. Minimum payments are adjusted annually, with the option to ensure monthly payments will not increase by more than 7.5% annually. The borrower is only required to pay the minimum payment. They can pay that amount, or more. The borrower is provided with up to three options each month:

1. The minimum payment,
2. The interest only payment,
3. The full payment- a payment that will amortize the loan over the remaining loan term

Loan Term: This is the period of time in which you pay your mortgage. A traditional mortgage is 30 years. With the Pay Option ARM your term is 40 years. How does this affect me? If you owe $1,200 and pay this over a year that would give you a payment of $100 a month. If you increase the term to 2 years your payment would drop to $50 a month. This is a very simple example with no interest, get the idea? Now you can see that changing the term from 30 to 40 years would greatly reduce your monthly mortgage payment, without any other factors.

Optional Limited Payment: The monthly payment will not increase by more than 7.5% from the prior year's monthly payment amount, regardless of the increase in interest rate.

Optional Interest Only Payment: The monthly payment will be applied towards interest only. This means that the monthly payment will not reduce the principal balance.

Full Payment: The monthly payment that would be sufficient to repay the unpaid principal over the full term of the loan.

Deferred Interest: If the monthly payment is less than the amount of the interest portion, the monthly payment amount will be subtracted from the interest portion and this difference will be added to the unpaid balance. For example-let's say your fully indexed rate is 4.5%* and you only pay 1.5%* each month. That means you would pay $250 a month for a $200,000 home. That leaves 4.5% minus 1.5%- 3% in interest each month. This interest is added to your mortgage balance. Wow! Why would I want to do that? Well, if your house appreciates (increases in value over time) let's say 20%, that leaves 17% each year that is yours. You would realize this equity when you sell your home. However, now, when you need it you will have greatly enhanced cash flow.

Qualifications
1) You need to have 4 trade lines reporting on your credit for the past 24 months.

2) No derogatory reporting on your credit in the last 24 months and all collections over $200 satisfied.

3) Down payment- this program does provide 100% financing; however, a full document loan only.

*Interest Rates and programs are subject to change without notice. Rates may not be available at time of loan application or commitment.

Miles Loss
Licensed Mortgage Broker

Mortgage and Refinance and Home Purchase

Miles is a Licensed Mortgage Broker with over 20 years of finance industry experience. Miles is known as the "go to guy" by the Realtors and real estate investors in his area for both Residential & Commercial Mortgages. Miles brokers mainly in Florida but also covers GA, TN, NY and IN.

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Conference Call Tips

Before the meeting

- Send out a schedule showing the time and date of your meetings, including time zones

- Write the month as a word to avoid confusion

- Send any documents needed for the meeting early enough for the recipients to review them

- Notify participants of the telephone number, security code and the conference commands

- Send an agenda - and stick to it

At the Start of the Conference Call

- Write down the names of people as they join so that you can remember who is on the call

- If the conferencing equipment you are using allows it, play back the names of the participants so that everyone knows who is on the call

- If any participants have not met, make introductions

- Request participants to mute their lines if they are not speaking

- Explain the purpose of the meeting and how long it will take

During the Meeting

Participants should:

- Join the conference call from somewhere quiet

- Say their name before speaking and address each other by name

- Resist side conversations

- Mute their lines when not speaking, this has a huge impact on overall sound quality

- Try not to put the conference on hold, it will put music into the conference

- Face the microphone when using a speakerphone and not put anything in front of the microphone

Speaker Phones

- Avoid tapping on the table or shuffling papers near speakerphones

- Always mute the speakerphone before moving it

- Some speakerphones will cause feedback when the volume is set too high

- If the sound coming out of your speakerphone seems intermittent or quite and you have already turned the volume up, try muting it
For more articles on teleconferencing services, visit http://www.HotAirConferencing.com.au/

About the author

Ian Wells is the CEO of HotAir Conferencing. He has been in the conferencing industry for 12 years, working in Australia, Hong Kong, Japan, Singapore and the UK. He established the first specialist conferencing services in Hong Kong, Japan, Singapore and is widely regarded as the founder of the Asia Pacific conferencing industry. Ian was the General Manager - Asia Pacific for MCI Conferencing which was the largest service provider in the region during his tenure and the Managing Director, Australia for Genesys Conferencing.

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