Using Pay Option ARM Calculator ~ Option Power ARM
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Types of Mortgage Loans: Option ARM: Pay Option ARM Calculator: Examples: Option Power ARM
Option Power ARMs is a Flagstar Bank's product -- adjustable-rate mortgage loan with annual payment adjustments and monthly interest rate adjustments after an initial fixed-rate period of three months (initial rate adjustment date = the third payment due date).
Below you will find an example of how to input Option Power ARM loans.
| Flagstar Bank's Option ARMs: | |
| Option Power ARM | |
| Adjustment Period: | 1 Month |
| Minimum Payment Calculation Method: | # 1 |
| Minimum Payment Change Cap: | 7.5% Increase or Decrease |
| Initial Fixed Rate Period: | 3 Months |
| Initial Fixed Payment Period: | 1 Year |
| After that, the Min Payment changes: | Every Year |
| Index: | 1-Month LIBOR |
| Margin: | Refer to Rate Sheet |
| Interest Rate Rounding: | to the Nearest 0.001 |
| Initial Loan Recast: | When the 61st Pmt is Due |
| Subsequent Recasts: | Every 5 Years |
| Neg-Am Recast: Payment Required: | Fully Amortizing |
| Payment Options Period: | = Loan Term |
| Lifetime Cap: | Refer to Rate Sheet |
| Negative Amortization Cap: | 110% |
| First Interest Change Cap: | None |
| Periodic Interest Change Cap: | None |
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Option Power ARM is a service mark of Flagstar Bank.
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Mortgage professionals are welcome to participate! |  |
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