A reader alerted us today to a program from Wachovia Bank called ’specialty mortgages’. Rather than just offering either a fixed rate or adjustable loan, they go an extra step (actually a few extra steps) and offer multiple choices. The options available include lot loans, construction loans, 100% financed loans, jumbo loans (for those in the 400k - 2 million range), and flex fit. Besides all this, they also have a program called Pick-A-Payment with up to four options depending on what you want to choose that month. The four choices are minimum payment, interest only, full principal and interest, or 15 year plan. Now those are some creative options! More choices aren’t always better, but as long as you understand the terms you are agreeing too, this is definitely something worth looking into. Click on Mortgages from the menu
