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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.

Mortgage professionals are welcome to participate!
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