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Refinance of Southern California Foster Home Improves Living Conditions - Southern California Foster Home refinances to re-model and improve living conditions. Pay Option Mortgage refinance loan proved to be the ideal solution to utilize home equity and reduce monthly payment.
Refinance of Southern California Foster Home Improves Living Conditions

 

NewswireToday - /newswire/ - Alta Loma, CA, United States, 2006/03/02 - Southern California Foster Home refinances to re-model and improve living conditions. Pay Option Mortgage refinance loan proved to be the ideal solution to utilize home equity and reduce monthly payment..

   
 
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“In this business we hear many stories of why people need to refinance. Every now and then one story sticks in the mind,” states Donovan Rees of GoldMedalMortgage.

"We recently received a call from Angela P. who needed to refinance her California home. At first it started out normally, but then more specific needs for refinancing came to the surface.”

“Angela and her husband are foster parents that care for several "crack" babies in their home. These babies have been taken away from their mothers at birth because of testing positive for an illegal substance during labor.”

"She wanted to refinance and use the equity in her home to remodel and add a bedroom. This extra bedroom would make it more comfortable for the two teenage and two newborn children currently in the foster home," continues Rees.

"For their situation it was decided that refinancing with a Pay Option mortgage loan program would give them the cash flow needed to cover shortfalls. It also lowered their mortgage payment over $1500 a month."

A Pay Option Mortgage Loan allows the complete flexibility to decide, every month, which of four mortgage payments a borrower would like to make.

This program is ideal for anybody that has fluctuating income such as the self-employed. Pay Option is also an excellent choice when looking to buy a new home for the lowest possible monthly payment, or for simply just lowering an existing mortgage payment.

The Pay Option Mortgage is a relatively new product that allows you four payment options each month.

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

2. 30 year payment- This option will allow borrowers to own the home free and clear in the standard thirty years

3. Interest only option- This option allows payment of only the interest portion of monthly payment which in turn increases monthly cash flow

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

The Pay Option Mortgage is the absolute best adjustable mortgage product available today. It has built in features that protect borrowers from the typical worries associated with an adjustable rate mortgage.

One is the fact that your payment cannot increase more than 7.5% above the previous year for the first five years. Another gives you the option to convert to a fixed rate mortgage after the first three years. With these features in place you can rest easy with your new adjustable mortgage.

Here is an example of savings on a refinance using a Pay Option Mortgage:

Estimated Current Monthly Payment - $1663.26
New first year payment - $833.13
Estimated increased monthly cash flow- $830.13
Estimated increased yearly cash flow - $9961.52

This loan may have negative amortization. Max increase/decrease in monthly payment is 7.5% per annum for the first five years. This is an ARM product.

Example payments based on 7.0% interest rate and $250000 loan.

"During Angela's refinance loan process we had a chance to visit and were impressed by the cleanliness of both Angela's home and all the kids. It's a challenge to keep up the house and the kids and the homework."

"This is clearly a great family that is providing love and shelter to innocent children victimized by addiction. In support of Angela and her husband's dedication to this cause, it was decided to waive our fees and pick up the costs involved in the refinance.”

“It was felt this was the least we could do for this amazing family, a family that breaks even financially after buying clothes and food for the kids. For Angela and her husband, this is truly a labor of love!" concludes Rees.

Camelot Marketing is a full service agency based in Southern California specializing in providing turnkey solutions for small to mid-size clients that do not have in-house marketing capabilities.

 
 
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Refinance of Southern California Foster Home Improves Living Conditions

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