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Some adjustable-rate mortgages may have been lumped in with such "toxic" mortgage products as interest-only loans, pay-option ARMs, and loans with negative amortization, but those are not the same as more conventional products known as hybrid ARMs. These are loans that carry fixed rates for the first five or seven years, after which the rate is adjusted up or down annually based on market conditions at the time.
Hybrids are "a great product at a great rate," said Silver Spring, Md., mortgage broker Christopher Cruise, who has several clients ready to lock in a starting rate of 3.99%.... Do you have a hybrid ARM? What are the circumstances that caused you to go this route instead of with a standard 30-year fixed?
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Do you have a hybrid ARM? What are the circumstances that caused you to go this route instead of with a standard 30-year fixed?