With Pacific Trust Banks’ Green Account – You can use your cash flow and savings to save on interest expense and payoff your mortgage faster. But having a flexible mortgage is not just about repaying your mortgage early. It's also about tailoring your mortgage to suit your lifestyle.

Flexibility, like beauty, is in the eye of the beholder.

For a mortgage, flexibility refers to money – how much, when, how often, how fast or slow, money going in or out. But from whatever way you look at it, Pacific Trust’s Green Account is truly a flexible mortgage.

The basic feature of a flexible mortgage is payment flexibility – the ability to make other than regularly scheduled monthly payments - underpayments, overpayments or payment holidays.

For example, if you are self-employed, a business owner, or work on short-term contracts, there's a good chance your ability to repay will vary. With a flexible mortgage you can overpay when cash comes in (and save money on interest payments on the reduced amount) and reduce your payments or even re-borrow some cash when you have bills to pay or when you are in-between jobs.

Being able to do this may help you cope with the changes in your income or spending, and to reduce your outstanding balance without penalty if you get a bonus. A flexible mortgage is designed for people who want the option to vary their mortgage payments to match changes in their cash flow.

Paying More

The most common requirement people have with a flexible mortgage is simply the ability to make penalty free overpayments. Many traditional mortgages either restrict the borrower’s ability to pay more than the regularly schedule amount or have penalties when full or partial prepayments of principal are made to the loan.

A flexible mortgage allows you to make additional or lump sum payments in excess of your scheduled amount, enabling you to pay off your mortgage early. By reducing the principal balance of your mortgage in this way, you are also reducing your monthly interest expense.

With a Pacific Trust Green Account – You can make as many deposits (loan payments) in whatever amount you desire, and as often as you wish. In fact, you're encouraged to deposit your paycheck and other income, and even transfer savings balances into your Green Account, to reduce its outstanding loan balance to help payoff your loan faster and to save you thousands in interest expense.

Paying Less

Traditional mortgages require a regularly scheduled payment be made each month. Some lenders offer a few payment options, such as a choice of making a minimum scheduled payment, interest-only payment, or fully-amortized loan payment amount for that month.

A flexible mortgage will allow you to make underpayments when finances are tight, or even to take repayment holidays – a complete break from making payments.

With a Pacific Trust Green Account - So long as your outstanding loan balance remains below your credit limit, you are in control of your payments – not the bank. You can choose to pay more or pay less, pay sooner or later, more frequently or less frequently, and yes – you can even take a payment vacation.*

Taking Cash Out – Adding to the Loan Balance

A traditional mortgage only works one way – payments go in, nothing comes out. After making regular monthly payments for years, and even if your home’s value has appreciated and overpayments have been made, you can’t get cash out of the traditional mortgage without refinancing your loan.

A flexible mortgage may allow you to withdraw sums you have overpaid into your mortgage account. You can use the available credit (that can build with every deposit and overpayment) to borrow enough money pay off your credit cards or personal loans, buy a new car, or even pay your normal living expenses when fluctuating income is at a low point, all at a low mortgage rate of interest.

With a Pacific Trust Green Account – You have full access to your available credit (up to your credit limit) for the entire 15-year life of the loan – and making withdrawals is as easy as using your checking account.

If your home’s value has appreciated, you can request to have your credit limit increased. Many borrowers may find that a Green Account is the perfect substitute for a reverse mortgage – and you get to keep ownership of your own home. Should you decide to sell your home and buy another, Pacific Trust Bank can coordinate with you to substitute your new home as security for your Green Account, and make appropriate changes to your credit limit and other loan terms.

Flexibility – thy name is Green Account!

The flexible Green Account mortgage is great for people who have irregular incomes, or who may be expecting a period of reduced income, higher income in the future, or would like to reduce their mortgage more quickly. The Green Account allows overpayments, underpayments, payment holidays, and easy access to available credit whenever it's needed.

The Green Account allows you to take control of your mortgage and not the other way around.

And now, you can get Green Account flexibility and still keep your existing low-rate first mortgage - with Pacific Trust Bank's new Light Green 2nd Mortgage.

America's first fully-transactional flexible mortgage - the Green Account!

*Note: When the Green Account outstanding loan balance remains below the credit limit, monthly finance charges are added to the account balance, but no payment from the borrower is required.

Click here for more information about the Green Account. Or, talk over your home financing needs with a Pacific Trust Bank loan officer. We're here to help. Call us toll-free at (877) 441-BANK.

To request via e-mail additional information about Pacific Trust Bank's loan programs, please Click Here.

Pacific Trust Bank is an equal housing lender.