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option am
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   Types of Loan Programs-> Pay Option ARM, Pick-a-Payment, Cash Flow LoanMessage format
Posted 4/3/2005 10:20 PM (#156)
Subject: option am
I am a mortgage broker and from what I understand and by me being an option arm mortgage holder for my own moetgage I dont see alot of downside to this loan. Can someone contactme if their is a downside to this loan that I have owned for 15 months.

Posted 4/4/2005 12:06 PM (#157 - in reply to #156)
Subject: RE: option am
This is a great loan. I think it really has to do with what the borrowers goals are and what they are trying to accomplish.

The indexes have steadily been on the rise. Therefore, if you don't make the minimum monthly payment your payment has been increasing every month. If you have been making the minimum payment, the amount you add to your mortgage balance is increasing monthly. This can't not be seen as a downside.
Posted 8/23/2005 5:00 PM (#351 - in reply to #156)
Subject: RE: option am
can some one please explain the formula on how they get the monthly payment estimate. // i understand the Index and the Margin you get the Fully index Rate, but how do you come up with the monthly payment? thanks
Big Bank Hank
Posted 8/24/2005 2:38 PM (#353 - in reply to #156)
Subject: RE: option am
Posts: 22
Min. payment = start rate
Interest only = loan amount x FIR/365 x 30
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