The reason that I like money market funds is that they will make a return comparative to other accessible investments, most have check writing capabilities, and your investment is safe from downturns in stock market.

There are other options such as interest bearing checking accounts, savings accounts and possibly other savings vehicles in various banks, investment institutions and credit unions. Choose investment that is available to you and fits criteria.

One thing to be aware of when choosing a money market or any investment option is expenses. Expenses will vary widely among investment firms. Ideally you want to find an account that lets you invest in money market with no up front or back end fees and minimal yearly expenses. Since a money market does not appreciate quickly it would take a long time to make up for high expenses.

An up front fee is a percentage of your money that you have to pay when you initially invest it. For example if you invest $1,000 and fee is 5%, they will take $50.00 out of your account and you will only end up with $950 invested.

With a back end fee they take a percentage when you withdraw your money.

All investment firms will charge an annual expense on your invested money. Just pay attention and choose one that has a low expense. Be careful, since some will lure you in with a low initial expense that will be raised after a specified number of months. Look at track record going back a few years to make sure that expense ratio has stayed consistent.

Make sure that you have an emergency savings account so that paying unexpected expenses does not chase you back in debt; it is a vital step in living without debt.

Invest your payment savings in something else – This could open up opportunities for you if you could invest in real estate, stock market or another investment when you use extra $500-1000+ a month you free up from your property payment. Pay off debt with your payment savings – You can use payment savings to pay off other debt.

Have security and options in your mortgage loan – The main benefit to this type of loan is security of a mortgage payment that you control. You decide at any time what kind of a mortgage you want. If all goes well in your future, you have freedom to pay your 30 year loan into a 15 year loan without even consulting another mortgage broker. Get more home for your money – You can qualify for more home with these low payment options.

Who Can Qualify? Qualifying for this loan is basically same as any other loan, it is based on credit, equity & assets, if you are strong in 1 of these or 2 of these, you could probably qualify and with lowest rate possible.

What if I want to take out a stated income loan? “Stated Income” or “No income/assets” loans are possible with this Option One Loan.

These are just general guidelines and information about this type of loan. You will want to discuss all of these details with your broker or lender before you actually complete loan. These factors may vary with each individual lender. Many lenders do not offer their customers this type of loan. If you are seeking an option one or option ARM loan, you will need to talk to your broker about it or find a broker that can do this type of loan. To see our recommended lenders for this type of loan. Visit here: Option One Mortgage Lenders.