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Old 12-15-2008, 12:15 PM   #21
Thinks s/he gets paid by the post
Join Date: Dec 2007
Posts: 4,764
Originally Posted by Urchina View Post
Here's a description of an option ARM: Option ARM Loan: Typical Features, Advantages, Pay Option ARMs

The biggest risk appears to be if you elect to pay only the minimum payment in the early years. This payment may allow you to defer interest, so your loan amount can actually increase, leading to much bigger payments later.

Why on earth are these things legal?
Everyone deserves to own a house. No matter what their financial situation. Creative lending at its finest.

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