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iamtheone · 08-12-2004, 11:53 AM

Well, I went with a pay option 1 year ARM. You have an initial min payment based apon a 1.25% rate that does not change for the year, you have a interest only payment that can fluctuate depending on what LIBOR does. They put their 2% ontop of the LIBROR rate. There is also a 30 yr "fixed" rate that can be paid as well. SO, I don't it was too bad of a deal. Closing cost were low, (below 1k), there is no pen for early termination of the loan. So, with this loan, I could do the min payment (you will get hit with neg amorization) or the interest only payment or the 30 yr payment.

08-12-2004, 11:53 AM	#14 (permalink)
iamtheone Psychoholic Location: Ein tov she'ein bo ra!	Well, I went with a pay option 1 year ARM. You have an initial min payment based apon a 1.25% rate that does not change for the year, you have a interest only payment that can fluctuate depending on what LIBOR does. They put their 2% ontop of the LIBROR rate. There is also a 30 yr "fixed" rate that can be paid as well. SO, I don't it was too bad of a deal. Closing cost were low, (below 1k), there is no pen for early termination of the loan. So, with this loan, I could do the min payment (you will get hit with neg amorization) or the interest only payment or the 30 yr payment. __________________ Music is holy, art is sacred, and creativity is power... Think for Yourself Question Authority