In talking with World Savings, they claim to have invented the Option ARM and claim to have the best program, but in talking with some people who have dealt with them, they said they screwed them up and caused several loans to fall through. Basically that World Savings was very difficult to deal with.
I would appreciate any feedback on this.
World savings has been pretty good to me…AE is a little annoying, but otherwise they have been good. If you don’t want to go with WS check out IndyMac Bank. They have a nice system.
What is “AE”? Also, does IndyMac’s Option ARM program offer an extended fixed payment period like 5 years or so?
Account Executive.
The “minimum payment” can be fixed for the first five years…after 5 years it is recast.
WorldSavings has always been good to me but their Option Arm is the best, if not, one of the best next to Countrywide, IMO. Look into Downey Savings too, if you’re a LO, they are giving outrageous rebates.
DBassett74… I noticed that you’re in OC, I’m in Newport. Just around your neck of the woods ;D
I used WaMu, Chevy Chase Bank (they have the most unique Option ARM programs), and Greenpoint. Very few situations where I think the program is the best product for the borrower’s goals.
WAMU is another good choice. You’re right, there isn’t the best Option Arm, it all boils down to the needs of the customer.
Southstar and Greenpoint offer 3 year soft prepays which is a nice feature to help lower the margin.