(93)Foster Home Uses Pay Option Mortgage Loan For California Refinance
“We recently received an application from Angela P. who needed to refinance her California home. While finding out her specific goals for the refinance I learned that she was a foster mom and cared for multiple "crack" babies that had been taken away from their mothers at birth because of testing positive for an illegal substance during labor,” states Gary Rees of
“She was trying to utilize the equity in her home to remodel and add a bedroom to make it more comfortable for the two teenage and two newborn children her and her husband care for.”
“For their situation I decided that a Pay Option mortgage loan program would give them the cash flow needed to cover shortfalls. It also lowered their mortgage payment over 1500 a month,” continues Rees.
A Pay Option Mortgage Loan allows the complete flexibility to decide, every month, which of four mortgage payments you would like to make.
This program is ideal for anybody that has fluctuating income such as the self-employed. Pay Option is also an excellent choice if you are looking to buy a new home and want the lowest possible monthly payment, or if you simply just want to lower your existing mortgage payment.
The Pay Option Mortgage is a relatively new product that allows you four payment options each month.
1. 15 year payment- Pay your loan off and build equity faster as well as save thousands of dollars in interest
2. 30 year payment- This option will let you know how much to pay to have your home free and clear in the standard thirty years
3. Interest only option- This option allows you to pay only the interest portion of your monthly payment so you can increase monthly cash flow
4. 1% Minimum payment-This option allows you to pay your mortgage at a 1% rate of interest for maximum savings
The Pay Option Mortgage is the absolute best adjustable mortgage product available today. It has built in features that protect you
from the typical worries associated with an adjustable rate mortgage.
One is the fact that your payment cannot increase more than 7.5% above the previous year for the first five years. Another gives you the option to convert to a fixed rate mortgage after the first three years. With these features in place you can rest easy with your new adjustable mortgage.
Here is an example of what a Pay Option Mortgage could for you
Estimated Current Monthly Payment - $1663.26
New first year payment - $833.13
Estimated increased monthly cash flow- $830.13
Estimated increased yearly cash flow - $9961.52
Disclaimer-First years interest rate 1.25%. Interest charged at 3.45% for the first month. APR 3.74% subject to increase monthly. 30-year loan.
This loan may have negative amortization. Max increase/decrease in monthly payment is 7.5% per annum for the first five years. This is an ARM product.
Example payments based on 7.0% interest rate and $250000 loan.
“During the loan process I got a chance to visit her home and was really impressed by the cleanliness of both her home and all the kids. I have three of my own and I can tell you it’s a challenge to keep up the house and the kids and the homework.”
“Clearly a great family! We decided to waive our fees and pick up the costs involved in this transaction for Mr. and Mrs. P who are providing love and shelter to the innocent children victimized by addiction."
“It was the least we could do for this amazing family that breaks even after buying clothes and food for the kids. For Angela and her husband, this is truly a labor of love!” concludes Rees.
For more information on Pay Option Mortgage Loans please call 1-866-398-4664 or go to
About the Author
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Written by: Keith Hunt

(94)General Personal Finance Advice


Personal finance is an individual's financial status. It's about how much money you have, and how much you need. It is about managing your money - today and for tomorrow. Money is the currency on which all world economies function. Income - expenditure -bills- debts - savings: These are a fact of life. A constant for most is the endeavor to tip the scales in favor of savings.

Successful financial management includes planning and keeping records of income and expenditure, budgeting, balancing your check book, insurance and investments - whether in real estate, the share market, funds or any of the other available mechanisms. You cannot overlook the necessity of planning your savings, your tax savings and your retirement.

A very interesting way to look at Asset and Liability is in the following terms:

An Asset is anything which brings in money or does not change the status of your money in the bank. A liability is anything which causes money to flow out - whether under the pretext of taxes, interest or fees.

Budgeting - This ensures that you are financially healthy and flourishing. It is a good idea to create and use a budget worksheet which allows you to make a detailed expenditure plan and helps you discover any shortage or unplanned expenditures.

Some useful tips in planning your finances:

- Handle your own money. If you choose a financial consultant, ensure you understand how your money is being managed. - Save a huge amount in interest by opting for a shorter tenure of loan term - home/ car/ personal. - Debt: Should ideally not be indulged in, or repaid at the earliest. - Savings: it is easier to save more if you start early - you can put aside small sums and over the years watch it accumulate and earn interest for you. - Retirement planning: don't wait till you are 40 to start. Begin today - and ensure a comfortable lifestyle in your old age. Avoid cashing out your PF or breaking your Funds. - It's a good idea to do an Annual/ Quarterly financial health check up.

About the author:

Joseph Then provides advices about Personal Finance and dealing with bad credits. You can visit the website for more information

Written by: Joseph Then

(95)Get a better mortgage refinance deal than your local bank offers

Gone are the days when money could be fetched either by mere mortgaging or financing something. Now it is time to get money via an amalgam of the two i.e. Mortgage Refinance. Mortgage refinance is a smart idea to have a good credit sum and repay it in an easy fashion. In simple terms a refinanced mortgage is one where a borrower repays a previous loan by taking a new one. The main motive behind refinance mortgage is to get a lower interest rate, lowering their payments or to take cash out of their home equity. So basically in mortgage refinance refers to taking a secured loan to replace the existing loan that is secured via some assets of yours.

Let us first delve into the factors that instigate a refinanced mortgage. There are several reasons that instigate people to opt for refinance. For instance

(a) Mortgage refinance reduces the interest rate on your mortgage. It not only minimizes your EMIs or monthly installments but also brings down the total amount that you need to repay.

(b) Another wonderful feature of mortgage refinance is the reduction in the tenure of the loan, which is immensely effective in saving lot many bucks.

(c) Mortgage refinance is a smart idea to consolidate or fuse the amount you need to repay.

(d) Mortgages refinance serves you with the most essential thing i.e. cash in hand. You can draw on an equity built up in the house to acquire cash amount for several purposes such as your daughter's marriage, child education etc.

(e) If you want to have an adjustable-rate mortgage i.e. ARM and a fixed-rate loan in order to ensure you regarding the mortgage payment, mortgage refinance is a brilliant idea.

However there are other things to be taken into consideration. First and foremost mortgage refinancing can be recommended if the present rate on your mortgage is at least 2 percentage points higher than the existing market rate. Second you need to know that for how long you propose to stay in the house. Third you need to know that according to many sources given the costs of refinancing, it takes at least three years to realize completely the savings made from a relatively lower interest rate. Finally in order to go for mortgage refinance is to enlist complete expenditure of refinance and calculate your monthly installments. Knowing this will enable you to decide whether you should opt for refinance or not.

Well before going for a mortgage refinance you can also ask yourself questions ponder over questions such as- by how much will your existing monthly installment be lowered, what will be the financing cost that you will have to pay, how much will you owe in the house and for how much was the initial payment for the house made etc. Once after going through the various factors and conditions you feel it is appropriate to go for a mortgage refinance (which is true with most of the cases) then the first step is to consult a good real estate agent, mortgage lender as well as an attorney and other legal practitioners. Searching online is even an excellent option.

About the author:

Mansi gupta writes about mortgage refinance .

Written by: Mansi gupta

(96)Get control of your finances!

When it comes to money we tend to fall into three main categories: spend less than we earn, spend what we earn, spend more than we earn. If you’d like to have more money each month or want to get control of your finances read on.

Create some good financial habits by taking a look at where you are now. Where do you want to be? Follow these tips to help you get there.

- Keep a money diary for a week. If you don’t know where you spend your money, you can’t start making changes. Carry a notebook with you and write down every single penny you spend as soon as you spend it, every day for a week – every bill, standing order, newspaper, snack, bus fare, coffee … At the end of the week look at where it all went. Can you see any areas where you could make changes?

- What is your minimum survival income? How much do you need to pay for the basics like mortgage, rent, insurance, bills, food and car each month? Aim to save at least three times your monthly survival income with easy access in case of emergency.

- Your monthly expenditure. Work out what you spend monthly on everything else: meals out, entertaining, clothes, holidays, presents, credit card repayments etc. etc. Including the basics, compare your total outgoings with your income. Where’s the fit? Are you overspending?

- What are any debts costing you each month? How much do you pay in interest? What would you rather be spending that money on? If you can create some spare income each month can you put it towards ‘busting’ some of your debt. Contact me for a specific debt-busting exercise.

- Save 10% of your income. As a minimum put aside at least 10% of your monthly salary. You never know when you might need it. Place it somewhere with easy access, preferably earning interest – not under the mattress!

- Search around for the best deals. How often do you check out the best deals available for insurance, mortgage, fuel, credit cards? I’ve just saved myself almost £200 on my car insurance renewal. Check out all the brokers and online insurance companies for the best quote. Use cost comparison sites such as and You can also save money by switching to a different energy supplier via sites such as

- Talk to a Financial Advisor. While you can learn a certain amount from newspapers, magazines and the Internet, it’s always worth discussing your financial requirements with a good IFA. Your bank may be a place to start – they may not be independent but will be able to advise you on your financial needs for your situation depending on age, family, income and future plans. The sooner you start the better off you’ll be.

If you’d like some more information on getting your finances under control then contact me directly.

About the Author
I work with individuals and small businesses wanting to grow. I provide the tools, techniques and strategies to help them improve their time management and planning skills to increase their productivity and effectiveness.

Written by: Clare Evans

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