Creating Affordable Payments (Part V): Pay Option ARMs
by: Pat Kitano on 2007-01-16 @ 2.36:26 am
Now, let’s pull the cover off the Pay Option ARM and see what lies beneath. Is this controversial creation a useful tool or a dangerous weapon? Will it solve a unique challenge or insinuate itself into your life like a Trojan Horse only to destroy your dream of home ownership from within? Opinions on Pay Option ARMs tend to come in black and white. But nothing in life is that simple, is it? To begin, let’s get something clear. There is no such thing as a 1% mortgage. That should go without saying. But I am continually amazed at all the smart people who believe in ghosts. We’re all guilty of wishful thinking, but if you really believe you could get a 1% rate when all your friends were getting 6%, then perhaps you deserve a surprise. As my financial planner says about foolish investing, money tends to be returned to its rightful owner. 
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Okay, in our effort to create affordable payments, we laid a foundation with the 15 and 30 year fixed rate loans in 
