California Refinance with Pay Option Loan Program Helps New Parents

California refinance using a Pay Option Loan Program reduced monthly mortgage payment and helped parents cover new baby expenses.

(PRWEB) June 24, 2005

All of us, at one time, have wished for or needed more cash flow in the household. We may want to take a vacation, pay off credit cards, or cover some unexpected expense.

The biggest obstacle for this extra cash flow is usually the mortgage payment. It doesn’t matter what our needs are, or what our income is, the mortgage payment is a constant.

In the case of Steven M. and his wife were expecting their first child and needed some extra cash for the start-up costs involved with a new baby, including medical expenses and new furniture and supplies.

Once part these initial expenses Steven was comfortable that household budge would be back on track. In the meantime he needed some financial relief.

After discussing his situation we suggested a Pay Option Home Mortgage Loan Program. This program allowed Steven the complete flexibility to decide, every month, which of four mortgage payments he would like to make.

The Pay Option Mortgage is a relatively new product and the five payment options each month are:

1. 15 year payment- Pay your loan off and build equity faster as well as save thousands of dollars in interest

2. 30 year payment- This option will let you know how much to pay to have your home free and clear in the standard thirty years

3. Interest only option- This option allows you to pay only the interest portion of your monthly payment so you can increase monthly cash flow

4. 1% Minimum payment-This option allows you to pay your mortgage at a 1% rate of interest for maximum savings

5. Any additonal payment you would like to make.

This program was exactly what Steven needed. For his situation and to increase his cash flow Steven chose to make the minimum payment which added a minimal amount of money or, deferred interest, to the back end of the loan.

This amount is far less than the appreciation we are all realizing in our property values while decreasing the mortgage payment by half every month.

If he had chosen the interest only option his cash flow would have been improved but nothing as dramatic as the minimum 1% payment offered. It would not be adding any deferred interest back on the loan.

This is the best part of the Pay Option program, every month you have five payment choices according to your needs. You choose the payment all the way down to $1.00!

This scenario shows how flexible the Pay Option program can be, and how it can work for you differently every month.

For more information please call 866 398 4664 or go to http://www.goldmedalmortgage.com

About GoldMedalMortgage.com

GoldMedalMortgage.com is a nationwide lender with relationships with over 180 investors. Whatever the situation, GoldMedalMortgage.com can offer a loan to meet the needs including challenged credit to the extremely popular "pay option" program.

100% of their loan consultants are licensed and have a minimum of 5 years in the mortgage industry, guaranteeing a professional experience with on time delivery, every time.

For more information please call 866 398 4664 or go to http://www.goldmedalmortgage.com

# # #