Interest Only "Your Choice ARM"
The Your Choice Adjustable Rate Mortgage (ARM) Interest only loan programs provide you with four (4) payment choices on each monthly statement. The Your Choice ARM program offers a low introductory mortgage rate. With an interest only loan payment option, you pay only the interest portion of the payment but no principal. This payment option can free up cash flow that you can use for investments, education or home improvements. |
Your Choice ARM Interest Only Programs | - Four (4) payment options
- Lower monthly payments
- Qualify for a higher mortgage loan amount
- Qualify at the interest only payment
- Option to pay the full principal and interest payment
- Interest only payments for up to ten years
| - Higher rates
- Principal loan balance will not decrease if the interest only payment is paid
- Payment will be higher for the remaining term
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Payment Options The Your Choice ARM interest only mortgage loan program offers you four (4) monthly payment options. Minimum PaymentAll Interest Payment15-Year Full Amortizing Payment30-Year Full Amortizing PaymentEvery month as your interest rate changes, the amount of interest due at the new rate will also change. If you only make the minimum payment you could be paying less than the all the interest that has accrued on your mortgage loan. Any interest that is not paid by you will be added to your mortgage loan Unpaid Principal Balance. This is known as negative amortization. The Your Choice ARM (adjustable rate mortgage) interest only mortgage loan has an Annual Payment cap, which will limits the amount the Minimum Payment may increase at any payment change versus the prior year's payment. addtionally, if the Unpaid Principal Balance reaches the negative amortization cap, which varies by state, your mortgage loan will be recast and the Minimum Payment will equal the recast payment. The Your Choice ARM Interest only payment options allow you to qualify at the starting interest only payment. This gives you more buying power and a lower monthly payment compared to an amortized loan.
 Lend Select Mortgage LLC - 1317 Route 73, Suite 201 - Mount Laurel, NJ 08054 Office Phone: (856) 866-5555 Fax: (856) 866-5656
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