From the Minneapolis Star Tribune, we have Jackie Crosby writing about Option ARMS right for you?
In April, Marie Senn found the home of her dreams, a condo that hadn't even gone on the market yet. Then she fell into a nightmare of a mortgage -- a type of adjustable-rate mortgage known as an option ARM.
"I was a young buyer," said Senn, 24, who said she wasn't told that she could qualify for low-interest loans targeted at first-time homeowners.
"I'd never heard of this loan," she said. "There are so many things that I wish I knew then."
That's where Senn was headed. Her payments eventually would have tripled from a low payment that came with her option ARM if she hadn't just refinanced into a fixed-rate mortgage, which still leaves her strapped with higher monthly payments than she had planned.
"I want to put this behind me," she said.
It is behind you, honey, it is totally behind you.
Open up wide, baby, daddy's coming home!
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