FIXED RATE PICK-A-PAYMENT MORTGAGE

I talked about the Pick-A-Payment loan previously and got a lot of questions - actually negative comments about the loan. The primary being that Pick-A-Pay (PAP) type loans are "teasers". I'll say this again, the PAP is not a gimmick with a teaser rate; it is a loan with optional payments over a specified time period of the loan. I've been using the pay option arm offered by Countrywide for several years and have only positive things to say about the product. However my plan to switch over to the new fixed rate offered through Wachovia/World Savings.

Wachovia has teamed up with World Savings Bank, to provide a unique mortgage solution that lets you enjoy the stability of a fixed interest rate but also offers you the flexibility of choosing among different payment options each month to fit your needs.

Control your budget and your rate. The Fixed Rate Pick-a-Payment Mortgage gives you up to four different payment options each month—Minimum Payment, Interest Only, Full Principal and Interest, or 15-Year Payment Option.

With the Fixed Rate Pick-a-Payment, you could:

Make a lower monthly payment in the initial years and temporarily increase your cash flow so you can free up cash for:
retirement investment
paying down high-interest debt
funding college tuition
Make higher payments and pay off your home loan sooner
Keep mortgage payments low during the initial years of your loan
Control your budget based on your individual financial needs. Enjoy the predictability of a fixed rate!

I'm so confident about this loan product that I'm making it even easier - Every first Thursday of the month, I'm sponsoring instant underwriting on World Savings Loans and a different investor loan product each month, i.e., Countrywide, Chase, Wachovia... What does this mean for you? Well, ordinarily when you/your client applies for a loan the packet is sent to underwriting to verify the information and set the conditions for loan approval. Most lenders can get this done in 24 to 48 hours. At this point you have a conditional loan approval(CAL) subject to those conditions. With instant underwriting many of those conditions can be waved and you can have your loan approval on the spot. This is HUGE!