Laguna Niguel, CA (PRWEB) February 23, 2008
Great deals are now available on adjustable rate mortgages (ARMs) from http://www.optionarmsdirect.com. A new dream home is a few clicks away with their online forms and application process. They also provide bountiful information concerning the complex world of finance and lending, so buyers are well informed and feel confident in making one of the most important purchases in their life. With over 30 years of experience in the lending field and 20 years working specifically with Option ARMs, the company is poised and ready to help hard working Americans achieve their dream.
With over 40 different Option ARM loans to choose from, there is a loan that will meet every individual's unique situation with considerable savings. For example, there is a 40 year term with a 1% start rate available, and 100% loan to value financing is also offered. Each Option ARM has slightly different characteristics with regards to rates, terms and underwriting guidelines. These loans are great because they keep payments low and also ensure the lowest interest rates possible so buyers can truly afford a home they never thought possible. The interest rate is based on FICO scores, which follow various indexes, thus ensuring a slow, gradual shift in interest rate. Even if rates suddenly change, they are averaged out over several months so the perceived change is not very significant. Clients rarely need to refinance once they lock in their loan details, and if they do it is merely to have extra cash out.
"By having a large selection of Option ARMs, you will likely get a better deal," says company president Steve Spiro. "That is what we offer you together with excellent personal service. We know these loans inside and out and have 20 years of experience, so we know what to expect and can help you choose the right one."
According to the site, the best Option ARM currently offered has a 10-year payment cap, 125% recast rate, and 30-year term. Based on current rates, this will keep payments low for the next 10 years, thus allowing ample time for a buyer's annual income to grow as the payment grows. This is not FICO driven and is available for 80% loan to value; however, the program will go as high as 90% with a 695 FICO score. For example, the monthly payments on a loan amount of $500,000 could be as low as $1,264 a month. They typically do not charge any points for this loan and there are no up front fees; payment for the appraisal is only necessary if the buyer actually gets the loan.
The company goes to great lengths to save its clients money both up front and over the life of the loan, but fears these bargains maybe not be available for long. Those interested in an Option ARM should hurry as they are becoming increasingly difficult to obtain; LTVs and maximum loan amounts are dropping and minimum FICO scores and starting rates are rising. Visit http://www.optionarmsdirect.com and take advantage of the wealth of information they provide, view the loans they have to offer and contact the company to discuss the details of getting into a new home soon.
Contact: Steve Spiro
Option ARMs Direct