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FIXED RATE PICK-A-PAYMENT SM
MORTGAGE
Control your budget and your rate.
The Fixed Rate Pick-a-PaymentSM Mortgage gives you up
to four different payment options each month1—Minimum
Payment, Interest Only, Full Principal and Interest, or 15-Year
Payment Option.2
With the Fixed Rate
Pick-a-Payment SM, you could:
- Make a lower monthly payment
in the initial years and temporarily increase your cash flow so
you can free up cash for:
- Retirement investment
- Paying down high-interest
debt
- Funding college tuition
- Make higher payments and pay
off your home loan sooner
- Keep mortgage payments low
during the initial years of your loan
- Control your budget based on
your individual financial needs
- Enjoy the predictability of a
fixed rate
Interested in learning
more?
Call today to speak with a mortgage specialist and find out if
this mortgage is available in your state.
APPLY NOW!
The Pick-a-Payment SM
Adjustable Rate Mortgage (ARM) offers you payment choices that
allow you to take control of your finances. You have up to four
different payment options each month3—Minimum Payment,
Interest Only, Full Principal and Interest, or 15-Year Payment
Option.4
With the Adjustable Rate
Pick-a-Payment, you could:
- Make a lower monthly payment
and temporarily increase your cash flow so you can free up cash
for:
-
Retirement investment
- Paying down high-interest
debt
- Funding college tuition
- Make higher payments and pay
off your home loan sooner
- Keep mortgage payments low
during the initial years of your loan
- Control your budget based on
your individual financial needs
1 You have up to four
payment options during the first 10 years of your loan. At various
times during the life of your loan, some payment options will not
provide for the full payment of principal, interest, or both,
which could result in an increase in your loan balance (negative
amortization). This can occur if the payment amount you select is
less than the full amount of interest due. If your loan balance
exceeds a maximum amount established at loan origination, your
payment options will increase to reduce your loan balance. Also,
at the end of 10 years, your payment will be recalculated using
the loan balance at that time, your fixed interest rate and the
remaining 20-year term. There is no maximum amount that your
payment can increase, if required. Please contact us for more
information.
2 When you choose the
minimum payment option, deferred interest (negative amortization)
will occur and your loan balance could increase up to 125% of the
original loan amount, reducing the equity you have in your home.
The initial minimum payment is fixed for one year. When your loan
reaches its tenth year, or if the balance reaches 125% of its
original amount at any time during the loan term, your minimum
payment will increase to the amount needed to pay off your loan
within the remaining term. A prepayment penalty may apply. Please
contact us for more information.
3
Up to four payment options are available during the first 10 years
of your loan. At various times during the life of your loan, some
payment options do not provide for the full payment of principal,
interest, or both, which could result in an increase in your loan
balance (negative amortization). This can occur if the payment
amount that you select is less than the full amount of interest
due. This can also result from increases in the interest rate
prior to the Payment Change Date or from a monthly payment that
did not increase sufficiently to pay the full amount of interest
due because of the Payment Cap. Monthly payment amounts for most
of the payment options will be calculated monthly. However, the
minimum payment can change only every 12 months, beginning with
the 13th payment. Each date on which the payment may change is a
"Payment Change Date." The monthly payment cannot increase more
than 7.50% ("Payment Cap") each year, with some exceptions. Please
contact us for details.
4
When you choose the minimum payment option, deferred interest
(negative amortization) will occur and your loan balance could
increase up to 125% of the original loan amount, reducing the
equity you have in your home. The initial minimum payment is fixed
for one year. When your loan reaches its tenth year, or if the
balance reaches 125% of its original amount at any time during the
loan term, your minimum payment will increase to the amount needed
to pay off your loan within the remaining term. A prepayment
penalty may apply. Please contact us for more information. |
