The minimum 1% to 2% payment is an interest only payment and is based on a 30 or 40 year amortization. Depending on the lender and funding program you select, the deferred interest or minimum payment could either stay fixed between 1% and 2% for 5 years or the PAYMENT could start at around 1% and go up or down a maximum of 7.5% annually for 5 years. [...] Option Arm Mortgage Loans: How do they work? The 30 year, 15 year and interest only payments are based on the fully indexed rate.
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Information is deemed relaible but not guaranteed.