The Lowest Monthly Payment Available. Period.
The Freedom Loan is the most flexible
mortgage product on the market, period. It gives you four payment
options to choose from each month. You choose which one you are going
to make. These flexible loans are well-suited to homeowners who have
irregular incomes, such as salespeople on commission or investment
bankers who earn a nominal salary and get most of their income in an
annual bonus. When your income is low you can make a smaller payment
and when your income is higher, you can make higher payments.
Sophisticated borrowers can make minimum payments and invest the rest.
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You choose one of the following payments each month:
- Minimum Payment Option
- 30 Year Amortized Payment Option
- 15 Year Payment Option
- Interest Only 30 Year Payment Option
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About two-thirds of homeowners get
fixed-rate mortgages, paying a higher rate so the deep-pocket lender
takes the risk. In his speech in 2004, Greenspan complained that a lot
of those borrowers wasted money by spurning ARMs.
"American consumers might benefit if lenders
provided greater mortgage-product alternatives to the traditional
fixed-rate mortgage," he said. "To the degree that households are
driven by fears of payment shocks, but are willing to manage their own
interest-rate risks, the traditional fixed-rate mortgage may be an
expensive method of financing a home."
Lenders were happy to hear Greenspan encouraging consumers to "manage
their own interest-rate risks." Mortgage companies began offering
innovative ARMs, that previously had been pitched to the rich, to
ordinary people . That includes option ARMs -- adjustable-rate
mortgages that let borrowers choose how much to pay each month.
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