(PRWEB) March 9, 2005
First thing that faces everyone looking to buy or refinance a home are the multitude of loan options available today, i.e.; Adjustable, 30--Year Fixed, 15-year fixed, Interest Only, Minimum Payment, and so on. To say it can be overwhelming is an understatement!
Moreover, the biggest worry most people share about buying a home is how they will be able to meet other financial obligations. For once, buyers have the best of all worlds available to them and that is the power to choose how much they want to pay toward their loan any given month. Gavin Fenske, President, Great Financial Mortgage, explained to ABC7 Eyewitness News how a new program, "Pick-A-Payment," actually can relieve the pressure of making that set mortgage payment each month. Fenske describes the Pick-A-Payment Loan as simply four different options available to the customer at one time: 30-year fixed, 15-year fixed, Interest only and a Minimum Payment Plan. ÂSimply,Â he explains, Âthe buyer has the power and flexibility to decide when and which one of the four to choose from on any given month depending on their financial situation at that time.Â For example, a client might choose a lower initial monthly payment in order to improve their cash flow with the option - minimum payment plan. The beauty of this loan is the interest start rate can be below 2%, is guaranteed up to 5 years and the increases are no more than 7.5% of the original payment. Take a $300,000 loan with a start rate of 1.95%. The first year monthly payment is $1101 Â P.I. The second year the monthly payment increases $83 making the payment $1184, third year by $89 making it $1273 and so on to the fifth year. But should financial concerns ease during the months and the buyer wishes to increase payments to the loan, they can choose from the other three options listed above. The same is true in the reverse. If the borrower needs more cash and they have the Pick-A-Payment Loan, they can choose the minimum payment. Why stress each month to make that payment or be forced to refinance three times in a year? Pick your payment!
About Great Financial Mortgage:
Great Financial Mortgage is based in Fullerton, California. A top originator of mortgage loans, Great Financial Mortgage offers a wide range of home lending services to homeowners and prospective buyers throughout the state of California via person-to-person attention and its website, http://www.greatfinancialmortgage.com. This coupled with their unique ability to keep ahead of the fast-moving real estate marketplace enables Great Financial Mortgage to exceed client expectations by making their dream a quick realty.
For more information contact Great Financial Mortgage at (866) 553-1113 or log onto http://www.greatfinancialmortgage.com.
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