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Definition of ChoicePay Option Loan Program with Guidelines
What is The ChoicePay Payment Option Loan?ChoicePay gives you the power of the Minimum Payment when you want to minimize your monthly mortgage payment.
When you're looking to minimize your monthly mortgage payment, the ChoicePay Payment Option Loan gives you the power to do more with your money. With a low initial Minimum Payment option, you can make your monthly mortgage payment fit your ever-changing cash flow needs on a month-to-month basis. This option not only helps to free up more of your money when you need it most, it also provides the opportunity to save the extra funds or use them for other expenses.
Pay the minimum required or pay more. It's entirely up to you.
The ChoicePay Payment Option Loan makes it easier to manage your mortgage and finances. You have up to four different payment options from which to choose - Minimum Payment, Interest-Only Payment, 30-Year Amortizing Payment and 15-Year Amortizing Payment. Each month, you choose the option that best fits your cash flow needs.
The advantages of choosing the Minimum Payment option
Currently, the Minimum Payment option is calculated based on a payment rate of 1.00%.* This gives you the flexibility of making smaller monthly payments while preserving more of your monthly cash flow. With the Cashflow 1-Year Payment Option Loan, the Minimum Payment is set for up to one year.
ChoicePay is Flexible enough to adjust to the needs of every type of borrower:
High achievers. For borrowers interested in buying a larger home with as small a monthly payment as possible, the Minimum Payment and Interest-Only options allow you to afford
the house you want.
Investors. For real estate investors with a vacancy or those looking to free up cash, the Minimum Payment and Interest-Only options may be your best solution. You also have the option of
paying down your mortgage by choosing the 15- or 30-year payment option, when available.
Savvy borrowers. Use the flexible payment options to maximize your cash flow and free up money for other investments.
Self-employed and/or seasonal workers. If your income fluctuates from month to month, it's reassuring to know you can change your mortgage payment to match your finances.For those months when you need to conserve cash, choose the Minimum Payment or Interest-Only Payment. When your cash flow is steady, you can opt for the more traditional loan options to pay off more of your loan.
LIBOR INDEX - The LIBOR is the rate offered by banks in London for U.S. deposits. This rate is popular among borrowers because it is an international index that reflects the global economic climate.
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