[doc30]

Not interest-only, negative amortization. The payment is LESS than the interest, which means the balance goes up.

And with a prepayment penalty, too, I bet!

[goldstategop]

ARMs are perfect for a high end property. You can stay a few years and then sell it and pocket whatever equity has built up. I think the days when people kept their home to pass on to their heirs are long past gone.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus