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An Option Mortgage With a A Twist

Yes, I just said Option Mortgage… but I did not say Option ARM Mortgage.

I have talked to clients about this in the past and 9 times out of 10, my client has listened to my suggestion. And I am willing to bet that in today’s economic situation, they are thanking me a million times over.

So, what is this Option Mortgage? Quite simply it is a 15-year Fixed Rate Mortgage (FRM) with a 30-year FRM payment option. Whaaaaat? Whenever I have a client that wants a 15-year FRM, I suggest to them a 30-year FRM that has NO PRE-PAYMENT PENALTY and give them an amortization schedule with a 15 year payoff.

As of lately, the rate for a 15-year FRM... Read more.

Posted by Jason Price on 12/30/2008 08:26 PM

Comments (1)

Mortgage Payment Options in the Mortgage / Finance Channel

option mortgage, fixed rate, mortgage, frm, 30 year mortgage, 15 year mortgage

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1 Comments on An Option Mortgage With a A Twist

DEC

Jason, interesting approach, but most of the borrowers that I talk to want to keep their payments as low as possible and fixed. But if I run into one looking to payoff the mortgage quickly I will share this concept with them.

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