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What is the difference between an adjustable rate mortgage and a pay option arm?

April 26, 2017adjustable rate mortgage arm option pay

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What is the difference between an adjustable rate mortgage and a pay option arm?

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With an adjustable rate mortgage you only have one payment option. With a pay option arm you have several: you can pay the minimum payment, interest-only payment, 15-year fixed rate payment or a 30-year fixed rate payment.