The Washington State Department of Financial Institutions (DFI) has some useful data regarding ARMS.
As many Realtors and Loan Officers are aware, these have been abused, due to failure to properly disclose all of the risk. This Adobe PDF file is about seventeen pages of data. Good information to give a prospect or client.
http://www.federalreserve.gov/pubs/mortgage_interestonly/mortgage_interestonly.pdf
When used properly, option ARMs and interest-only ARMs can be an appropriate solution for your borrowers.
Michael Lozar
Bellingham Loan Officer
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The Mortgage Go To Guy! . . . The mortgage industry is always changing; please permit me to navigate you through the maze. Get out of an ARM by refinancing. New home loans & commercial loans too!
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