We’re all pretty fiscally conservative on this board, so I would guess most of us have actually not heard of this type of loan.
If the loan comes with a software program, I’d say it’s pretty complicated, and buyer beware!
We occasionally have some mortgage brokers on this board. They disappear pretty fast though when we start asking for stories from the ‘good ole days’ (last year). But, maybe one will chime in and tell you the truth about this type of loan.
