New Federal Publication: Interest-Only Mortgage Payments and Payment-Option ARMs — Are They for You?

New Federal Publication: Interest-Only Mortgage Payments and Payment-Option ARMs — Are They for You?: "The federal bank, thrift, and credit union regulatory agencies today announced the publication of a new resource that can help consumers make more informed choices when considering nontraditional mortgage loans. Interest-Only Mortgage Payments and Payment-Option ARMs — Are They for You? features a glossary of lending terms, a mortgage shopping worksheet, and a list of additional information sources. This information can help consumers, whether buying a house or refinancing a mortgage, decide if an interest-only mortgage (an I-O mortgage) or an adjustable-rate mortgage (ARM) with the option to make a minimum payment (a payment-option ARM) is right for them. "