Foster Home Uses Pay Option Mortgage Loan For California Refinance

Written by Keith Hunt


“We recently received an application from Angela P. who needed to refinance her California home. While finding out her specific goals forrepparttar refinance I learned that she was a foster mom and cared for multiple "crack" babies that had been taken away from their mothers at birth because of testing positive for an illegal substance during labor,” states Gary Rees of GoldMedalMortgage.com

“She was trying to utilizerepparttar 141222 equity in her home to remodel and add a bedroom to make it more comfortable forrepparttar 141223 two teenage and two newborn children her and her husband care for.”

“For their situation I decided that a Pay Option mortgage loan program would give themrepparttar 141224 cash flow needed to cover shortfalls. It also lowered their mortgage payment over 1500 a month,” continues Rees.

A Pay Option Mortgage Loan allowsrepparttar 141225 complete flexibility to decide, every month, which of four mortgage payments you would like to make.

This program is ideal for anybody that has fluctuating income such asrepparttar 141226 self-employed. Pay Option is also an excellent choice if you are looking to buy a new home and wantrepparttar 141227 lowest possible monthly payment, or if you simply just want to lower your existing mortgage payment.

The Pay Option Mortgage is a relatively new product that allows you four payment options each month.

1. 15 year payment- Pay your loan off and build equity faster as well as save thousands of dollars in interest

2. 30 year payment- This option will let you know how much to pay to have your home free and clear inrepparttar 141228 standard thirty years

3. Interest only option- This option allows you to pay onlyrepparttar 141229 interest portion of your monthly payment so you can increase monthly cash flow

4. 1% Minimum payment-This option allows you to pay your mortgage at a 1% rate of interest for maximum savings

The Pay Option Mortgage isrepparttar 141230 absolute best adjustable mortgage product available today. It has built in features that protect you fromrepparttar 141231 typical worries associated with an adjustable rate mortgage.

New Bankruptcy Law – Where’s the Consumer Protection?

Written by Charles Essmeier


On April 20, 2005, President Bush signed into lawrepparttar Bankruptcy Abuse and Consumer Protection Act, a piece of sweeping legislation that brought aboutrepparttar 141203 most sweeping changes in personal bankruptcy law inrepparttar 141204 last quarter century. This bill, which takes effect in October 2005, passed withrepparttar 141205 overwhelming support of both parties of congress, claims, through its very name, to offer “consumer protection.” Does it? How are consumers “protected” by this bill?

The purpose ofrepparttar 141206 new legislation, is to eliminate “bankruptcy of convenience”. Sponsors ofrepparttar 141207 bill allege that most consumer bankruptcy cases involve irresponsible spenders who have shopped or gambled their money away and now do not wish to pay their creditors. They rightly point out that bankruptcy costsrepparttar 141208 credit card companies billions of dollars each year and that those costs are passed on to consumers inrepparttar 141209 form of higher interest rates. By making it harder for those with problem debt to file for bankruptcy, legislators say that more people will pay their bills,repparttar 141210 credit card companies will save billions of dollars, andrepparttar 141211 resulting savings will be passed on to consumers inrepparttar 141212 form of lower interest rates.

The bill is lengthy, but key points are as follows:

  • Those considering bankruptcy will have to pass a “means test.” If their income is above a certain

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