Top 8 Best Option ARM Mortgages

Looking for Option ARM Mortgages? We have made a list from the very best choice. Go ahead and find out their features.

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Option ARM Mortgages are adjustable-rate mortgages that offer borrowers the option of making payments that are less than the amount of interest due. This type of mortgage allows borrowers to choose from four payment options each month: a fully amortizing payment, an interest-only payment, a minimum payment, or a 15-year payment. The minimum payment option is the lowest payment available and is usually less than the interest due. This type of mortgage can be beneficial for borrowers who are looking to lower their monthly payments, but it can also be risky as the loan balance can increase over time.
  • Chase Bank
    Chase Bank

    Chase Bank - Leading bank providing various financial services and products.

    Annual fee: $95

  • LendingTree.com
    LendingTree.com

    LendingTree.com - LendingTree helps you compare loan options.

    Loan Comparison

    Financial Advice

  • Wells Fargo
    Wells Fargo

    Wells Fargo - Wells Fargo: Banking and Financial Services.

    Secure Banking

    Mobile App

  • Advertisement

  • USAA
    USAA

    USAA - Financial services for military members.

    Financial Services

    Insurance

  • Navy Federal Credit Union
    Navy Federal Credit Union

    Navy Federal Credit Union - Navy Federal Credit Union website.

    Secure Login

    Online Banking

  • Rocket Mortgage
    Rocket Mortgage

    Rocket Mortgage - RocketMortgage.com is an online mortgage lender.

    Online Application

    Instant Approval

  • Bankrate.com
    Bankrate.com

    Bankrate.com - Bankrate.com provides financial advice and tools.

    Interest Rates

    Calculators

  • quickenloans
    quickenloans

    quickenloans - Online mortgage lender for home loans.

    Mortgage Refinancing

    Online Application

Top 10 Sites for the Option ARM Mortgages

1.

Chase Bank

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Chase.com is a financial services website owned by JPMorgan Chase & Co. It provides a range of banking, investing, and other financial services to customers. Customers can open checking and savings accounts, apply for credit cards, and manage their investments. They can also use the website to pay bills, transfer money, and access their accounts from anywhere. Chase.com also offers a variety of tools and resources to help customers make informed financial decisions. Customers can use the website to research products, compare rates, and find the best financial solutions for their needs.

Pros

  • pros Travel Benefits: The card offers a variety of travel perks, including free checked bags, priority boarding, and two United Club passes per year, enhancing your travel experience with United Airlines.
  • pros Generous Rewards Program: Cardholders can earn miles on all purchases, with accelerated earning on United Airlines purchases, providing opportunities to accumulate rewards faster.
  • pros Additional Travel Protections: The card provides travel insurance coverage, such as trip cancellation/interruption insurance and auto rental collision damage waiver, offering peace of mind during your travels.

Cons

  • consLimited Redemption Options: The card's rewards are primarily focused on United Airlines, so if you prefer more flexibility in redeeming rewards for various airlines or travel expenses, the card may not be as beneficial.
  • consAnnual Fee: The card comes with an annual fee, which may deter some users, especially if they don't frequently fly with United Airlines or utilize the card's benefits to their full extent.

2.

LendingTree.com

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LendingTree is an online lending marketplace that connects borrowers with multiple lenders to find optimal terms for a variety of loans, credit cards, deposit accounts, and insurance. The platform provides multiple offers from several lenders, allowing borrowers to compare and contrast loan offers from different lenders in a matter of minutes. LendingTree's network of lenders will compete for your business, so you can get the funding you need for yours. The company offers a variety of loan types, including mortgages, home equity loans, auto loans, personal loans, and peer-to-peer loans. LendingTree also provides a free credit score check and insurance rate comparison tool. The company's online platform simplifies the loan process and provides borrowers with the ability to compare and contrast loan offers from different lenders.

Pros

  • pros Easy comparison shopping
  • pros Low rates offered
  • pros Fast loan process

Cons

  • consHigh interest rates
  • consLimited options
  • consTime consuming

3.

Wells Fargo

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The Wells Fargo Propel American Express® Card is a great choice for those looking for a rewards card with no annual fee. With this card, you can earn 3X points on eating out and ordering in, gas stations, rideshares, transit, flights, hotels, homestays, car rentals, and popular streaming services. You can also earn 1X points on all other purchases. Plus, you can get a 30,000 bonus points when you spend $3,000 in purchases in the first 3 months. With this card, you can also enjoy travel protections, no foreign transaction fees, and access to exclusive events. With the Wells Fargo Propel American Express® Card, you can get the most out of your everyday purchases.

Pros

  • pros Convenient banking
  • pros Secure transactions
  • pros Wide selection

Cons

  • consHigh Fees
  • consPoor Service
  • consUnreliable

4.

USAA

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USAA.com is an online financial services provider that offers a wide range of products and services to its members. USAA provides banking, insurance, investments, retirement planning, and other financial services to its members, who are primarily active and retired military personnel and their families. USAA also offers a variety of other services, such as travel and auto insurance, credit cards, and real estate services. USAA is committed to providing its members with the best possible service and products, and strives to provide a secure and convenient online experience.

Pros

  • pros Excellent customer service and support
  • pros Competitive rates and discounts
  • pros Wide range of financial services

Cons

  • consLimited eligibility requirements Higher fees for non-members

6.

Rocket Mortgage

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Rocket Mortgage is a digital mortgage lender that provides a simplified and convenient way to finance a home. The company offers a variety of mortgage products, including conventional, FHA, VA, and jumbo loans. Rocket Mortgage's mission is to make the complicated home financing process simpler by using innovative technology and providing excellent customer service. The company pioneered the all-online mortgage application, allowing borrowers to easily compare rates, learn more about the mortgage process, and apply for a loan with just a few clicks of the keys. Rocket borrowers can lock their rate for up to 90 days and get prequalified or verified approval letters seamlessly to help in their house-hunting efforts. Rocket Mortgage is available in all 50 states and has a wide range of availability factors that can make the overall mortgage-application process smoother or more challenging.

Pros

  • pros Convenient
  • pros Fast
  • pros Secure

Cons

  • consHigh Interest Rates
  • consLimited Options
  • consNo Refinancing

7.

Bankrate.com

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Bankrate.com is a personal finance website that provides information and tools to help consumers make informed financial decisions. The website offers a range of resources, including articles, calculators, and comparison tools, covering topics such as credit cards, insurance, investing, and banking. Bankrate.com is owned by Red Ventures, a digital marketing company that operates a portfolio of brands in various industries. Bankrate.com's business is to provide consumers with information and tools to help them make informed financial decisions. The website generates revenue through partnerships with financial institutions, such as credit card issuers and banks, who pay to advertise their products on the site. Bankrate.com also earns revenue through affiliate marketing, where it receives a commission when users click on links to financial products and services and make a purchase. Bankrate.com's content is created by a team of writers, editors, and industry experts who score credit cards, insurance policies, and other financial products based on a variety of factors, including features, bonus offers, and independent research. The website strives to provide accurate and unbiased information to help consumers make informed financial decisions. In summary, Bankrate.com is a personal finance website that provides information and tools to help consumers make informed financial decisions. The website generates revenue through partnerships with financial institutions and affiliate marketing. Its content is created by a team of experts who strive to provide accurate and unbiased information to help consumers make informed financial decisions.

Pros

  • pros Accurate financial advice
  • pros Comprehensive research tools
  • pros Easy to use interface

Cons

  • consInaccurate information
  • consLimited resources
  • consAds intrusive

8.

quickenloans

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QuickenLoans.com is an online mortgage lender that provides a variety of services to help customers find the best mortgage for their needs. The company offers a variety of loan products, including conventional, FHA, VA, and jumbo loans, as well as refinancing options. QuickenLoans.com also provides tools and resources to help customers understand the mortgage process and make informed decisions. Customers can apply for a loan online, and the company's team of experts is available to answer questions and provide guidance throughout the process. QuickenLoans.com is committed to providing a fast, easy, and transparent mortgage experience.

Pros

  • pros Fast and Easy
  • pros Secure and Reliable
  • pros Low Rates/Fees

Cons

  • consHigh Interest Rates
  • consLimited Services
  • consNo Refinancing

Frequently Asked Questions About Option ARM Mortgages

less What is an Option ARM Mortgage?

An Option ARM Mortgage is an adjustable-rate mortgage that allows borrowers to choose from four payment options each month. These options include a minimum payment, an interest-only payment, a 15-year payment, or a 30-year payment. The minimum payment option is usually the lowest, but it can cause the loan balance to increase over time.

less What are the risks associated with an Option ARM Mortgage?

Option ARM mortgages can be risky because they have low initial payments that can increase significantly over time. They also have a high risk of negative amortization, which can lead to borrowers owing more than the original loan amount. Additionally, they can have high prepayment penalties, making it difficult to refinance or pay off the loan early.

less What are the benefits of an Option ARM Mortgage?

Option ARM mortgages offer borrowers the flexibility to choose between a variety of payment options, including a low initial payment, an interest-only payment, or a fully amortizing payment. They also offer the potential for lower monthly payments and the ability to pay off the loan faster. Additionally, borrowers can take advantage of the option to make additional payments to reduce the principal balance.

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