|
COSI home loans offer clients of Virginia Mortgage Bankers, LLC the opportunity and flexibility to strategically manage their cash flow by offering four monthly mortgage payment options. As you know, traditional home loans such as a 15, or 30 year fixed rate mortgage, offer a single payment choice that consists of principal plus interest. After your mortgage lender deducts the interest portion due, the principal is then, invested by the mortgage lender, with no benefit to you.
|
Whether its a current refinance home loan, your next new home purchase mortgage, or you are a first time homebuyer; With a COSI home loan you have the option to select the payment method that best suits your financial situation every month. Thus, giving you control over your home loan payments. |
COSI home loans give you the freedom to decide whether you would like to match your home loan payments to your variable or seasonal income, or whether you would like to put more money into retirement planning, investments, or college savings. In essence, a COSI home loan gives you a "Choice" over how you pay your mortgage so you can do what makes sense - for you.
-
Option One- A 15 year fully amortizing payment, which allows you to accumulate equity in your home at a faster rate. This would obviously create a quicker payoff and save a substantial amount of interest over time.
-
Option Two- A 30 year fully amortizing payment, which allows you to pay your home loan off in a 30 year timeframe as most families are accustomed to, yet take advantage of fluctuations in the market with the adjustable rate nature of the program.
-
Option Three- An interest only home loan payment which allows you to take full advantage of the potential tax savings from a 30 year home loan while investing or utilizing the principal portion for retirement planning, college planning, a debt consolidation home loan or any number of other needs that may arise.
-
Option Four - The minimum monthly payment option is currently at 1.25%. This option maximizes cash flow giving you more cash each month for other expenses. This option is great for Jumbo & Super Jumbo Home Loans, with the lowest payment available, up to $1,500,000 million loan amount and no PMI.
How do COSI Home Loans work?
If your COSI home loans have an adjustable rate. Based upon a $350,000 mortgage your monthly payment options would be as follows:
-
Principal and Interest $1,932
-
Minimum Amount Due: $1,208 (currently based on a 1.50% start rate)
-
Interest Only: $1,531
-
15-Year option: $2,813
You decide each month which payment to make and you can pay a different payment option each month.
COSI Payment Calculator - Input your loan amount and your rate, of the loan you want to compare. This COSI mortgage calculator will only calculate to 80% loan to value or purchase price. Any loans over 80% will have a second deed of trust, to avoid PMI. Please contact us at Virginia Mortgage Bankers for exact payments, rates and programs.
Power Point slide presentation on COSI home loans. This power point presentation does an excellent job explaining the COSI home loan. Be patient, you may have a white screen while it loads. Please take 15 minutes and review the slide presentation on the COSI home loan. You must have Microsoft Power Point.
How is Interest Rate Determined for a COSI Home Loan?
COSI mortgages rates are determined using a monthly adjustable rate concept to determine the actual rate of interest charged. In the above payment example we used the the Cost of Savings Index (COSI Home Loans). Other commonly used indices include 3-Month Certificates of Deposit Index (CODI Home Loans), Cost of Funds Index (COFI Home Loans) A fixed amount of percentage points (the "Margin") is added to the index which when combined with the indexed rate, established your effective interest rate and as such your monthly payment.
Who Should Choose a COSI Home Loan and Why?
COSI home loans are for anyone who wants to take control of their monthly cash flow and financial future . As noted, COSI home loans give you the flexibility to decide whether you would like to match your loan payments to your variable or seasonal income or whether you would like to put more money into investments or toward large expenses, such as college tuition. The choice is yours!
Contact us at Virginia Mortgage Bankers today to discuss your financial goals and learn how the COSI mortgage loan may help you achieve them. Get started now, by filling out our easy online application for COSI home loans!
|
