New mortgage plan offered.Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Withers withers the region over the backline where the neck joins the thorax and where the dorsal margins of the scapulae lie just below the skin. fistulous withers see fistulous withers. , president of First Alternative Mortgage Corp. in New Rochelle New Rochelle (rōshĕl`), city (1990 pop. 67,625), Westchester co., SE N.Y., on Long Island Sound; settled by Huguenots 1688, inc. as a village 1858, as a city 1899. and Kingston Kingston, city, Canada Kingston, city (1991 pop. 56,597), S Ont., Canada, on Lake Ontario, near the head of the St. Lawrence River and at the end of Rideau Canal from Ottawa. Kingston has probably the best harbor on the lake. , N.Y., and Norwalk Norwalk (nôr`wôk'). 1 City (1990 pop. 94,279), Los Angeles co., S Calif.; settled in the 1850s, inc. 1957. With the arrival (1875) of the Southern Pacific RR, it became a center for the dairy and logging industries, but , Conn., announced that his firm is now offering the Option Arm Loan program. Designed for homeowners who want to manage their liabilities, this program enables borrowers to obtain a much larger home for lower monthly payments. Available only through select financial institutions, this program offers an initial interest rate of 3.95% with a payment that will not increase more than 7.5% per year, and it allows for deferred interest. "Young professionals who want larger homes while they are still young, entrepreneurs whose incomes fluctuate greatly month to month, and commissioned salespeople sales·peo·ple pl.n. Persons who are employed to sell merchandise in a store or in a designated territory. who receive large bonuses are the people who can benefit greatly from this distinctive new loan program," said Withers. The Option Arm Loan program enables individuals and couples to purchase larger homes due to the flexibility of the program's terms and conditions. As interest rates 'creep upward' each day and the average price of a home increases dramatically, this program is growing in popularity among certain segments of the general US population. Loan Options Under the Option Arm Loan program, borrowers can choose from four monthly payment plan options: * Low starting monthly minimum payment * Interest only payment plan * Fully amortizing principal and interest payments * Lump sum Lump sum A large one-time payment of money. prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. of principal "Under a traditional 30-year termed fixed mortgage," explains Withers, "a $250,000 mortgage at a fixed rate of 8% would equal $1,834 in monthly payments. That means the buyer could afford a $312,000 house with 20% down. With a 40-year term Option Arm Loan on a $250,000 mortgage, the buyer puts 20% down, without income verification, and can choose from four payment options." Payment Options Withers said that the payment options an Option Arm Loan applicant can choose from are: * $1,037/month minimum payment * Interest only payment /month of $1,562 * Principal and interest payment of $1,692 per month * Any payment amount the buyer chooses (not less than the minimum payment indicated above) "The beauty of this program is that a buyer could afford to purchase a $552,000 house and a $442,000 mortgage for the same $1,825 monthly fixed payment that he/she would have paid on the $250,000 mortgage explained earlier. Under the Option Arm program, they can purchase a larger home with 20% down, and pay the same fixed rate they would have on a smaller home," said Withers. |
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