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“There is an increasing amount of enquiries from Bakersfield, California real estate owners wanting to refinance with a Pay Option ARM home loan,” states Ronald Spencer, Vice President of MaverickMortgagesOnline.com
“We can’t attribute this increase to anything specific other than the Bakersfield area is growing, home owners are learning more about Pay Option home loans, and that the program itself is gaining in popularity.”
“A Pay Option adjustable rate mortgage (ARM) gives the home owner flexibility to decide which of four payment choices to make, including interest only, every month.
“This program is ideal for a Bakersfield refinance and especially those with a fluctuating income such as the self-employed.”
“For instance, we assisted a self-employed contractor in Bakersfield who was busy during the spring and summer, but due to weather conditions in the winter, business slowed down. When business is going well the contractor was able to make a fully amortized payment but when business slowed he took advantage of the new low deferred interest payment. With this program monthly mortgage payments can be made depending on current cash flow situation.”
“A Pay Option ARM is also ideal for a new home purchase in Bakersfield, first time home buyers that need the lowest possible monthly mortgage payment, or home owners that just want to lower their existing home mortgage loan payment,” continues Spencer.
The Pay Option home mortgage loan is a relatively new product that allows four payment options each month:
1. 15 year payment - Pay the home mortgage loan off and build equity faster as well as save thousands of dollars in interest;
2. 30 year payment - This option allows owners to pay off mortgage in the standard thirty years;
3. Interest only option - This option allows payment of only the interest portion of the monthly payment to increase monthly cash flow;
4. 1% Minimum payment - This option allows home owners to pay the mortgage at a 1% rate of interest for maximum savings. With this option the minimum monthly payment is not sufficient to cover the monthly interest due. To avoid deferred interest home owners should take the interest-only payment option.
“The Pay Option is the absolute best adjustable rate mortgage, ARM, product available today for refinancing in Bakersfield. It has the built-in features that protect from the typical worries associated with an adjustable rate mortgage.”
“One is the fact that the payment cannot increase more than 7.5% above the previous year for the first five years. Another gives the option to convert to a fixed rate mortgage after the first three years.”
“With these features it is understandable why more enquiries are coming from a community such as Bakersfield,” concludes Spencer.
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