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I am not a loan officer, but I do have an option loan. I think you make great points about the negative aspect of optional payment loans. However, I think many, loan officers even, overlook one major benefit. If you make more than the 30 year fully amortized payment then the loan will reset at regular intervals, where one's home could be paid off quicker and more efficiently than overpaying with a fixed loan. If one can avoid the temptation of making a lower payment option, then one might be able to fair better with an option ARM, but do not forget that even the 30 year option can fluctuate with the dependent index.
By kevin
