Callers and prospective clients often ask me, “Would you put your mother in an Option ARM?” I used to point out that my mother made two mortgage payments a month on a 15 year mortgage and paid it off in 10, because she knew she was going to live in her house forever. But when it came time to cash out to make some major home improvements on her beautiful old Tudor, we selected an Option ARM. A very different kind of Option ARM.
Many of you have read our articles about the Hybrid Option ARM or Fixed Option ARM mortgage. The phones at both East and West Coast offices have been ringing so much that the owner of the company is even fielding calls from customers on his personal number due to all the volume overloading the lines (you might get lucky and get him if you call, he waives application fees for anyone who gets him directly). Just like the hundreds of callers who reach out to us each day, my own mother saw the sense in the Hybrid Option ARM value proposition.
That’s because unlike a standard Option ARM, the Hybrid has a fixed interest rate and payment for a period of time ranging from 3 to 10 years, and even after the fixed period is over most...
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