With my posting of the Line of Credit, and the subsequent responses, what is the feeling out there about Pay Option Arms: Offered still by a few lenders.
4 payment options:
1st choice is the low 1 or 2%
(everytime you use this option, you are not paying the full bill so you owe more money towards the principal).
2nd choice is interest only
(everytime you use this option, you are not paying anything down towards the principal but also not incurring more debt).
3rd choice is a 30 year amortization.
4th choice is a 15 year amortization.