Mortgage Reduction Program    

   Mortgage Reduction Program

       Mortgage Reduction Program
Mortgage Reduction Program


Our Mortgage reduction program, the 30 year Bi-Weekly ARM mortgage; monthly payments are divided in half and paid every two weeks. Twenty-six Bi-Weekly payments each year pay off a loan faster than 12 monthly payments. You build equity more rapidly, own your home years sooner and save thousands of dollars in interest.

Every other Monday, your payment is automatically deducted from your checking or savings account. It couldn't be easier with no checks to write, nothing to mail. A true and "unique" Bi-Weekly ARM mortgage that re-amortizes the loan amount every two weeks.


Mortgage Reduction ProgramFact:   After paying 15 years on a 30 year fixed monthly mortgage, you'll still owe nearly 80% of the amount you originally borrowed.

Fact:   After paying nearly 23 years on a 30 year fixed monthly mortgage, you'll still owe over 50%!

Fact:    On a 30 year fixed rate monthly mortgage, you'll make over 84 unnecessary monthly payments.

  Fact:   On a 30 year fixed rate monthly mortgage, you'll pay nearly three (3) times the amount you originally borrowed before paying off your mortgage.

Fact:   Did you know that after 23 years of payments with the Bi-Weekly ARM Mortgage Program, you own your home "free and clear"? With a 30 year fixed monthly payment you have only reduced your loan amount by  33% during this same 23 year period!

Fact:   Making additional principal payments to a 30 year fixed monthly mortgage never reduces the monthly payment. No matter how much you try to reduce your loan amount, the fixed monthly payment always stays the same.


Every two weeks - twenty six times per year                                Save Thousands Of Dollars

    Purchase  *  Refinance  *  Cash-Out Refinance

    Primary Home  *  Second Home  *  Investment Property

    Loan amounts:  $60,000 to $1,000,000 or more.

    Up to 95% CLTV financing  (1st & 2nd mortgage).

    No credit scoring  -  credit history reviewed.

  80-15-5 Combo and 80-10-10 combo mortgage program available. Second mortgage required and  provided to avoid expensive monthly PMI

    No Income/No Asset Verification option available  (stated income/assets).

    Foreign National program available at 70% LTV financing.

    100% Financing (CD pledge) option.

    Flexible and common sense underwriting guidelines.

    Fully assumable loan.

    Gift money from family member is acceptable  (owner occupied).

Mortgage Reduction Program    Corporate title, trust, LLC,  option available.

    High debt ratios up to 40% or more.

    Great program for "newly" self-employed.

Mortgage Reduction Program    No escrow option available.

Mortgage Reduction Program

In a speech to a credit union group, Fed Chairman Alan Greenspan questioned whether fixed-rate mortgages were the most cost-effective means of financing a home purchase.  He said "American homeowners clearly like the certainty of fixed mortgage payments" but pay several thousands of dollars a year for the benefits.

Greenspan said homeowners "might have saved tens of thousands of dollars had they held adjustable-rate mortgages rather than fixed-rate mortgages during the past decade"

Greenspan noted that if homeowners are "willing to manage their own interest-rate risks, the traditional fixed-rate mortgage may be an expensive method of financing a home."   Feb. 24, 2004

Since 1986, the 30 Year Bi Weekly Arm ( Adjustable Rate Mortgage) has proven to be a wise choice and better than a fixed rate monthly loan. The results are indisputable --- The Bi Weekly Arm would have outperformed fixed rate monthly mortgages. No matter whether rates were high or low, homeowners who chose a Bi-Weekly Arm over a monthly fixed rate loan could have saved thousands of dollars in interest.


What is the most important feature of an (ARM) adjustable rate mortgage? The monthly index which determines it's rate. A steady and stable index protects the borrower from rapid increases. Volatile indexes are risky and do not protect the borrower. An example of a "volatile"  index would be the 12-month treasury, 6-month libor, and the 6-month CD.

The 30 year Bi-Weekly ARM is a CODI index that varies little from month to month, year to year. CODI's stability protects you from sudden, large interest rate and payment changes. The CODI is tied to what is historically one of the slowest moving and most stable of all indexes.

The CODI index for the 30 year Bi-Weekly Arm is the weighted average of the rates of interest on CD deposits and savings accounts.

Click Here For Additional Information On The CODI Bi-Weekly ARM

The annual cap is a 7 1/2% "payment" cap. The Bi-Weekly payment cannot increase or decrease in any year by this dollar amount. In other words, it is the equivalent of less than 3/4% annual interest cap. The lifetime cap for owner occupied property is 11.95%.

Information is based on interest rates effective 11/08/2004 with a fully indexed rate of 4.94%  and APR of 4.96%. Start rates, interest rates, payment rates, data and program guidelines are subject to change without notice and are not guaranteed. This is a brief outline with basic information only. Other restrictions  and minimum loan amounts apply. Borrower should contact Florida Mortgage Corporation for details and full written disclosures.



Mortgage Reduction Program

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