Fixed 5-year mortgage rate at 6.375% is not bad - new Payment Advantage ARM from Countrywide Mortgage
Countrywide Mortgage has just introduced a new mortgage program, sure to make even those you, timid and indecisive, a bit more comfortable. Almost normal ARM program that gives payment options. It's called the Payment Advantage ARM. While the payment options are similar to those of the Option ARM, the biggest difference and advantage the Payment Advantage has is the fixed mortgage rate for the 5 years. And the interest rate isn't bad, currently about 6.375%. Here it is a nutshell:
The Payment Advantage 5/1 ARM from Countrywide Mortgage, offers you a fixed rate for the first five years of the loan with up to four monthly payment options during the first ten years. Aside from the monthly payment options, each loan period provides a unique advantage for your borrowers.
Years 1 - 5 - Initial Fixed Period
The interest rate and Minimum Payment option for the first five years of the loan are fixed providing you with interest rate protection and the flexibility to pay a stable minimum monthly payment.
Years 6 - 10 - Adjustable Rate Period
With up to four monthly payment options to choose from, you will take comfort in the flexibility of being able to choose among their payment options.
Years 11 - Loan Term - Adjustable Rate Period
With only the amortized payment option available each month, you are prevented from accruing negative amortization for the remainder of the loan term.
You can use this program for your personal residence or for investment property. The latter of course will require higher down payment. Visit Countrywide Mortgage for more information.
Tue Jan 2, 2007 01:01PM | Copyright: www.bad-credit-advisor.com | More in Mortgage | Comments (0)
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