BestInMortgage.com Post Your Mortgage Question Find mortgage expert in your area
You are not logged in. Login here. Not a user? Sign Up
Email: Password:
 
Search by Mortgage Terms: Ask My Question


Search: "Option arm"

 
 

Asked 11/13/2009 12:01 pm CT (Alexandria, VA)

I am preparing tax return and looking a 1098 in Box 1 has $61,000 of mortgage interest but in the detail of payments has only about $20,000K of interest. The house was sold during year and mortgage paid off - around $485K balance on loan and it was a Conv Jumbo PayOption ARM..Question: Why the difference and is the $60K of interest correct. Thanks.

Keywords:
                

 
 

Asked 04/17/2008 01:18 pm CT (Tolleson, AZ)

I have a pay option arm on my 1st mortgage and I also have a second mortgage on my primary home. My question: Is there any options to get my loan into a fixed rate loan even though the value of the property has dramatically dropped?

Keywords:
                      

 
 

Asked 02/21/2008 01:45 pm CT (arleta, CA)

My Parents have a conv jumbo pay option ARM loan, their payments are $2600-$3000 a month and have an adjustable interest rate which at times has gone up to 8.25%.They have a prepayment penalty which is 6 months advance interest. The loan was for $360,000.00 and it is now $382,000 because they pay the minimum payment.Is there anything that someone can recommend? Thank You

Keywords:
                

Alice...Brian is right...another issue is that if they continue to defer interest and home values co...

[ Total Answers: 2 ]

 
 

Asked 10/04/2007 05:20 pm CT (Canyon Lake, CA)

Do you think rates will be better to redo my option ARM jumbo loan to a fixed rate 30 year loan in approx. 10months or 1 1/2 years?? Prepayment over in 10 months, however considering a modification to a 2 yr fixed rate 6.23% ($COST $1,000) ADDING APPROX. ANOTHER YEAR TO PREPAYMENT PENALTY. My goal is to have a 30 yr fixed rate loan at 6% or better.

Keywords:
              

Susan, the timing of refinancing now or in the future is more complex than what any of us feel inter...

[ Total Answers: 3 ]

 
 

Asked 10/04/2007 05:16 pm CT (Canyon Lake, CA)

I currently have a jumbo loan with an option ARM. Been paying min. due, want a 30 yr fixed loan when prepayment

Keywords:
            

Susan, Give me a call or email me and I will help you prepare for the refinance. I will make sure...

[ Total Answers: 1 ]

 
 

Asked 03/31/2007 05:51 pm CT (petaluma, CA)

i recieved my loan docs at signing for an option arm and to my suprise the margin was at 4pts and not 2pts! not happy with this at all i signed my 3 day right to recission. *for* time sakes, rather than going through all the process again, can i have another broker renegotiate the same deal through the same lender on the same approval?

Keywords:
                

Yes. The 3 Day Recission Period is there to protect consumers in just this type of situation. I woul...

[ Total Answers: 2 ]

 
 

Asked 03/26/2007 08:28 am CT (newark, DE)

I needed a 20% dowmpayment for my investment home . I pulled the money out of my residence home through refinancingin two month ago . I had a 5.5% before refinancing with a balance of 93,000 before refinancing paying a monthly payment of 705. After refinance , I have a conv jumbo payoption ARM with a balance of 152,000 paying 1,161 . I did not understand what all this meant and trusted the broker who avoided all the important details . I terribly regret this move and I am worried about the changes in interest and monthly payment . I don\\\'t know which option to take , whether 12-year amortized payment option or minimum payment . How soon can I refinance again for a fixed mortgage ? My credit score is 641. Thank you in advance .

Keywords:
                                      

Might be wise to check a refinance alternative. You are right to realize your current loan program ...

[ Total Answers: 1 ]

 
 

Asked 01/21/2007 12:57 pm CT (gilbert, AZ)

Can you explain a 30yr conv jumbo payoption ARM loan?

Keywords:
    

Linda, As discribed above the "Pay Option" ARM will give you different payment choices each month o...

[ Total Answers: 2 ]

 
 

Asked 01/14/2007 03:27 pm CT (Detroi, MI)

I took out what is called an option ARM but do not feel I was told about how bad of a loan it was. I've been reading in the paper and in magazine about home many people will lose their homes because of this loan. Why is this loan even offered and what can I do now?

Keywords:
      

Hugh, what appealed to you when you took this loan out? Was it the low interest rate & payment? Fo...

[ Total Answers: 3 ]

 
 

Asked 06/25/2006 02:45 pm CT (Riverside, CA)

Purchase at 100%, non verified income a $1.2 m home on Option ARM, FICO is 620 ! Maybe seller will grant 10% back toward down payment..

Keywords:
        

Mr Chris - stated option arms are readily available in my stable of lenders. You have so many choic...

[ Total Answers: 2 ]

 
 

Asked 04/12/2006 12:32 pm CT (BATON ROUGE, LA)

My mortgage lender is suggesting that I go with a pay option ARM mortgage. Does anyone have any advice for me? What kind of rates do you offer?

Keywords:
            

This is a great question. The pay option ARM is a great mortgage for people looking into getting mor...

[ Total Answers: 2 ]

 
 

Asked 02/21/2006 02:32 pm CT (Redondo Beach, CA)

I am looking for a Lender that will go to 95% CLTV behind an option arm. Do you know of any?

Keywords:
    

Hi Jennifer, I live and work in Huntington Beach, CA; and do have a prime 2nd TD that will work beh...

[ Total Answers: 5 ]