Cheapest mortgages - Great Northern Financial Releases Option ARM with Stated Fixed Income Feature
Jul 21, 2006
For qualified borrowers who are not employed but receive fixed income from a source such as pension, trust, or alimony, an Option ARM mortgage is now accessible.
Minneapolis (PRWEB) July 21, 2006 -- Great Northern Financial Group, a national leader in the non prime mortgage lending market, released an Option ARM product for borrowers with no current employment who receive fixed income from a continuous source.
Historically Option ARM products were reserved for people currently employed. Now, with proof of continuation of income from a fixed source such as a pension, trust account, or an alimony agreement, borrowers in select states can obtain the benefits of an Option ARM. This lending practice will provide tremendous benefit to a segment of the market that is just as vulnerable to increased inflation and rising household costs as everyone else.
This particular Option ARM product allows the borrower to select one of four types of payment each month. Borrowers can choose the lowest payment typically far below market index rates but that comes with negative amortization. They can also choose an interest only payment which is based on the rate of one of the popular mortgage indexes like 6 month LIBOR or 1 month MTA. The remaining choices are based on a fully amortized 15 or 30 year fixed loan at competitive market rates.
Applicants are subject to minimum credit and asset verification. For details contact Eric Richens at Great Northern Financial Group located at 300 Coon Rapids Boulevard in Coon Rapids, Minnesota.
