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Option Arm Mortgages »

Posted by: psp80 1 month, 1 week ago

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1. The Option Arm Mortgage has a number of different names. It has been called the Option Arm Loan, Pick A Payment Loan, Neg Am Loan, and the Negative Amortization Mortgage . All of these names describe the same mortgage. All that really happened was that each mortgage company decided to change the wording of the loan so some sound better than others. Pick A Payment (wait, I can choose what payment I want to make) and Option Arm (we all like options) sound better than Negative Amortization Mortgage (nobody likes a negative Nancy). They all pretty much describe one of the worst loans ever invented and let me tell you why.