Patent attributes
A multiple option loan presentation apparatus and method allows a loan agent to communicate a non-traditional loan product to a customer. Non-traditional mortgage products such as pick-a-payment loans allow a borrower to exchange lower payments during an initial period for higher payments later in an amortization period. Some borrowers do not want to accepting the risk associated with adjustable rate mortgages (ARMs) for increases in interest rates, but are still desirous of options for reduced monthly payments. Combining fixed rate loans with an option for interest-only or minimum payments allows this flexibility, but places a premium on being able to graphically depict the implications of these choices. Thereby, the borrower can make an informed decision and the loan agent is able to more quickly conclude the transaction. In particular, the minimum payments constraints and changes in amounts can be made more intuitive.
