Who’s it for ?
- Those who don't have a fixed income (such as salespeople, investment bankers or self-employed people).
- Those looking to consolidate debt and who need the payment flexibility for when money is tight.
- Those who can prudently manage their mortgage
Multiple payment options for maximum flexibility
- The Pick Your Payment loan is a revolutionary money management tool that allows for increased flexibility and cash flow whenever you want it. Each month, you will have multiple payment options to select from. You pick the one that works best for you.
- A Mortgage Funding US Lending Professional can help you understand every option available to you.
Do the things you want to do
- Having your choice of payment makes it easier when your budget is tight or you'd like to do something else with your money.
- Perhaps you'd like to make investments, pay off high-interest debt, make home repairs, or finance college expenses. The choice is yours. The payment option is yours.
Get a low rate with payment security
- The minimum payment is designed to provide you with a remarkably low payment option, which will increase your cash flow whenever you want it, while at the same time giving you payment predictability. It's a win-win situation.
How the Pick Your Payment works—You choose the option
Each month, you can select one of the following mortgage payment options that best fits your needs and you pay the amount you want, as long as your payment is at least your minimum payment amount:
Minimum Payment:
- Lowest payment option each month.
- Each year, your minimum payment can change but it will not increase by more than 7.5% of the previous payment amount.
- Additionally, every five years, we will recalculate your minimum payment to help you stay on track to pay off your loan. After each recalculation, your new minimum payment will be based on your current interest rate, your unpaid principal balance and your remaining loan term. However, when we perform this recalculation, the 7.5% payment cap will not apply.
Interest-Only Payment:
- The minimum amount required to repay the interest that is due each month.
30-Year Amortization Payment:
- Amount needed to payoff your loan in 30 years.
15-Year Amortization Payment:
- Amount needed to payoff your loan in 15 years.
More about the minimum payment option
- The minimum payment is designed to provide you with a remarkably low payment option. This astonishingly low payment may not be sufficient to pay the interest that you owe. If this happens, your interest will be deferred.
- Deferred interest, also known as negative amortization, occurs when you do not pay all of the interest you owe each month. When this happens, we will add any unpaid interest to the amount you owe us, so you are deferring the payment of that interest to later.
- With deferred interest, your outstanding loan amount could exceed the value of your home. If this happens, your ability to refinance your loan or sell your home could be affected since you will owe more than what your home is worth.
More about your interest rate
- The Pick Your Payment Loan is an adjustable rate mortgage. Your rate can change each month, even though your minimum payment does not.
- Please ask us for our current interest rate and margin.
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