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Glossary of Terms > O > OPTION ADJUSTABLE RATE MORTGAGE

OPTION ADJUSTABLE RATE MORTGAGE

An exotic and increasingly common type of Florida home loan that allows buyers to select one of the following choices each month: A full payment at a 30-year rate; a full payment at the 15-year rate; an interest-only payment; or discounted payment.

O Terms

OPTION ADJUSTABLE RATE MORTGAGE

ORIGINAL PRINCIPAL BALANCE

ORIGINATION FEE