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Using Pay Option ARM Calculator ~ Pick-a-Paymentsm ARM

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Types of Mortgage Loans: Option ARM: Pay Option ARM Calculator: Examples: Pick-a-Paymentsm ARM

Below you will find an example of how to input Pick-a-Paymentsm option ARM loans.

  World Savings' Option ARMs:
Pick-a-Paymentsm ARM
Adjustment Period: 1 Month
Minimum Payment Calculation Method: # 1
Minimum Payment Change Cap: 7.5% Increase or Decrease
Initial Fixed Rate Period: 1 Month
Initial Fixed Payment Period: 1 Year
After that, the Min Payment changes: Every Year
Index: COSI
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: 11.95%
Negative Amortization Cap: 125% (110% in New York)
First Interest Change Cap: None
Periodic Interest Change Cap: None

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Pick-a-Paymentsm is a service mark of World Savings.

Mortgage professionals are welcome to participate!
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