Commercials are running out here saying, "Borrow $ 100,000 for payments of only $ 250 per month." That must be based on a low 'teaser' rate. Details are not being disclosed by the television ad. But I suspect there is a much higher rate fall back rate. Suckers will wake up in two years and discover they owe $ 128,000 with a balloon payment due.
Then they will face foreclosure within 90 days. With additional late charges, penalties and legal fees they will probably owe about $ 150,000.
These schemers are all the same. They want to SEAL HOUSES!
That is why you always get a fixed loan.