Using Pay Option ARM Calculator ~ PayOption ARM
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Types of Mortgage Loans: Option ARM: Pay Option ARM Calculator: Examples: PayOption ARM
PayOption ARMs are Countrywide's loan programs available with initial introductory periods of 1 or 3 months. Countrywide offers an enhancement to this ARM program that allows borrowers to select from one of three indexes: COFI, MTA or LIBOR (once selected, the index can not be changed).
Below you will find an example of how to input PayOption ARM loans.
| Countrywide's Option ARMs: | |
| PayOption ARM | |
| Adjustment Period: | 1 Month |
| Minimum Payment Calculation Method: | # 1 |
| Minimum Payment Change Cap: | 7.5% (Increase) |
| Initial Fixed Rate Period: | 1 or 3 Months |
| Initial Fixed Payment Period: | 1 Year |
| After that, the Min Payment changes: | Every Year |
| Index: | COFI, MTA or LIBOR |
| Margin: | Refer to Rate Sheet |
| Interest Rate Rounding: | to the Nearest 0.001 |
| Initial Loan Recast: | When the 121st Pmt is Due |
| Subsequent Recasts: | Every 5 Years |
| Neg-Am Recast: Payment Required: | Fully Amortizing |
| Payment Options Period: | = Loan Term |
| Lifetime Cap: | 9.95% to 11.95% |
| Negative Amortization Cap: | 115% (110% in New York) |
| First Interest Change Cap: | None |
| Periodic Interest Change Cap: | None |
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PayOption ARM is a service mark of Countrywide Financial Corporation and/or its subsidiaries.
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Mortgage professionals are welcome to participate! |  |
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