Home Loans
How Option One Mortgage Loans Work
(presented by www.refinance-refinance.net - mortgage lenders)
By Carrie Reeder
In a regular mortgage, the borrower pays a specific amount each month in order to pay the mortgage off in full by the end of the mortgage term. This is called a fully-amortized mortgage. Option one mortgage loans differ from regular mortgages in many ways. This article will explain how option one mortgages work:
Option one mortgage loans have three different payment options: fully-amortized payment, interest-only payment, and minimum payment. The fully-amortized payment is the same payment you would make on a traditional mortgage. An interest-only payment covers just the interest you
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