Homebridge Mortgage Bankers, a New York residential mortgage lender, has announced the introduction of the PayOption ARM Mortgage, which it says offers great flexibility and can reduce monthly payments up to 45%.The loan program provides options such as a minimum monthly payment, at a 1% start rate; an interest-only payment that is priced off the fully indexed rate; and a 30-year or 15-year amortization schedule. "The PayOption ARM is available to all qualified borrowers, but is especially attractive to those whose monthly income may be limited and often rely on sizable year-end bonuses for the large portion of their yearly compensation," the company said.
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