The minimum 1% to 2% payment is an interest only payment and is based on a 30 or 40 year amortization. The 30 year, 15 year and interest only payments are based on the fully indexed rate. Option Arm Mortgage Loans: How do they work? Depending on the lender and funding program you select, the deferred interest or minimum payment could either stay fixed between 1% and 2% for 5 years or the PAYMENT could start at around 1% and go up or down a maximum of 7.5% annually for 5 years. [...]
Carlstadt NJ real estate

Information is deemed relaible but not guaranteed.