30 year fixed rate mortgages are the “classic” mortgage in America (though they are not quite the original mortgage, in fact the concept originated during FDR’s presidency over 60 years ago). Fixed rate mortgages have been exceptionally popular for three generations in America, and there is good reason:
Option Arm Mortgage Loans: How do they work?
Learn how to set up a pay option arm mortgage loan to get the maximum benefits.
Flexible Payment Mortgages
With most mortgages, your payment is the same every month. But what if your paycheck isnt so regular? Would you like to be able to vary your mortgage payment depending on your cash flow? An option ARM — also called a flex-ARM or pick-a-payment loan — allows you to do just that.
How does it work?
An option ARM is an adjustable-rate mortgage with a twist. You dont pay a set amount each month. Instead, the lender sends a monthly statement with up to four payment options….