If you’re looking for maximum possible qualifying power, the FlexPay Adjustable Rate Mortgage is the loan for you. With a super-low introductory rate, you can qualify for a larger loan – and a bigger house.

The FlexPay loan has a very stable index (the average over a 12 month period of one year Treasury constant maturities). This averaging procedure means the index fluctuates less than any other index we offer. In turn, your rate is more stable.

This loan offers three, flexible payment options that you can choose from each month, giving you maximum control over your finances.

Payment Options:

• Minimum Payment
  The lowest payment option, which will help you save the most cash each month.
• Interest Only Payment
  Will keep your payment low, and pay all interest due.*
• Fully Amortized Payment
  Will reduce your principal, and pay your loan off on a thirty year term.*

You choose your monthly payment every month. You can make the fully amortized payment, and your balance will decrease like any other loan.

You can save cash in any month by making the interest only payment, and your balance remains the same. Or, you can save even more cash by making the "minimum monthly payment", and the interest you don’t pay will be added to your balance.

There are risks with this type of loan. Because your "minimum" monthly payment may be less than the interest rate charged on your loan (after the first change date), your loan balance could increase. However, your maximum loan balance increase is limited to 110% of your initial loan amount. Every five years, your minimum payment will be recalculated based on the unpaid principal balance, and re-amortized for the remaining term of the loan, which could mean higher monthly payments. Between these five year adjustments, your minimum payment will not increase more than 7.5% annually. For details, please read and review the program disclosure, which will be provided to you within three days of your complete application.

If you are self-employed, anticipate higher income in the next few years, want to maximize your tax write-offs for mortgage interest, or have seasonal or annual increases in income, this could be the loan for you. Complete one of our online services requests and one of our knowledgable staff members can discuss this loan program more in detail with you.