WIRE FRAUD AND BUSINESS IDENTITY THEFT ALERT. Criminals are hacking email accounts and creating email accounts that look legitimate in an effort to extract funds from unsuspecting individuals. The emails look legitimate but are not. The criminals may impersonate a member of our staff for wire fraud or for an advance fee for loan scam. You can confirm you’re working with a Bayway team member by calling 904-224-2350.

apply-now upload-now      1-855-399-0644 support@baywaymortgage.com      NMLS # 1057426

Adjustable Rate Programs

Adjustable Rate Programs

ARMs Offer Lowest Interest Rates Available

An adjustable-rate mortgage (ARM) is a loan with an interest rate that changes. ARMs commonly start with much lower down payments than a comparable fixed-rate mortgage, but it is important to keep in mind:

– Your monthly payments could change
– Your mortgage payments may increase even if interest rates do not
– Your payments may not go down much or at all even if interest rates go down

ARM Benefits:

  • Usually lower mortgage payments than fixed-rate mortgages
  • Lower rates available
  • Save money when not staying in the house long-term

ARM Eligibility:

As per the Freddie Mac website:

  • Loan Prospector®
  • Non-Loan Prospector
  • Loan Prospector Caution Mortgages and Non Loan Prospector mortgages must be manually underwritten per Guide Chapter 37.
  • Minimum Indicator Score of 620 unless otherwise specified in the Guide (Loan Prospector A-minus mortgages are exempt).
  • Maximum debt-to-income ratio of 45 percent for manually underwritten mortgages.
  • All mortgages must meet the risk class and/or minimum Indicator Score requirements in Guide Exhibit 25
  • Originate with most Freddie Mac mortgage products, including Home Possible Mortgages (5/1, 7/1 and 10/1 ARMs), Financed Permanent Buydown Mortgage and more.
  • Reference Guide Section 30.16 for more information.

Freddie Mac, http://www.freddiemac.com

Steps to ARM:

Before you start the ARM loan process, be prepared to provide some information to one of our loan officers.

  • Social Security numbers
  • Address
  • Gross monthly salary
  • Banking and financial information
  • Tax returns