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Pick Your Payment Fixed Rate, Interest Only or 1% Negative Amortization Loans

Walking into Starbucks the other day, I overheard a conversation between two ladies talking about these amazing loans that a realtor had suggested. I started to laugh, because I knew they were talking about my favorite 1% loan. As you know I have been selling neg am loans before Billy Corgan left the Smashing Pumpkins. After eaves dropping for another 2 minutes, I had to jump into the conversation, and throw my 2 cents about the negative amortization loans these ladies seem to believe was a fixed interest rate for 30 years. I let them know that sure there is a fixed rate option, but it certainly wasn't the 1% neg am option. I explained to them about how the interest is deferred, but they were confident that I was crazy and they had a fixed 1% rate for 30 years.

As I said in my last article, you do get get a very low monthly, and most lenders offer 3 payment options each month. Borrowers choose from the fully indexed payment, the interest only or everyone's favorite the neg am payment. This loan is also being marketed cleverly as the "Pick a Payment Loan."

In Southern California, these loans have become very good friends with realtors who have found a good partner with these loans, because they assist in qualifying for a house that 5 years ago would have been considered out of the buyers price range. When underwriting these loans, lenders only calculate the initial payment for the neg am payment. In many ways these payment option loans have helped increase million dollar home sales in California.

Of course skeptics suggest that in five years when these peoples' payment cap fade into the sunset that they will go into foreclosure. I will ask you again...Where will you be in the next 5 years? Most homeowners in southern California most likely will move at least once in the next five years. For those borrowers who cashed into new home with their earned equity made a good decision with the payment option ARM. This loan is not for the insecure borrower or your parents if they are on a fixed income. The pick a payment loan is for movers and shakers who are ready to take a risk to play in this real estate game. Can you earn more by investing the deferred interest? The key to any mortgage is research and personal application for your goals.

When Keith is not in his beach chair at Marine street, he is publishing finance articles online with the top mortgage companies. Take some time to research negative amortization, and use the available resources online to see if these loans are a good fit for your situation. If you are ready to move forward with a loan, start comparing interest rates and costs online as well as speaking with qualified mortgage brokers and lenders who specialize in home financing. You can read more home financing articles at Mortgage Loan & Home Refinance Outlet. If you would like more loan program information about home equity and loan refinancing, please visit Negative Amortizations Loans. For terms and a list of mortgage lenders and brokers, please visit the Mortgage Broker & Lender Directory online, and you can speak with a loan professional directly.

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