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| 3% Option ARM Mortgage 3% is the minimum payment rate on this loan type. This type of loan allows a borrower to make minimum payments on their loan, typically for the first 5 years of the loan. The advantage of this loan is that it offers one of the the lowest monthly payments possible. The APR on this loan is the index plus margin, adjusted for closing costs to reflect the true annual percentage rate. This will vary based on the specific program you choose. This type of loan is often available for borrowers who want a payment closer to an interest only level to minimize their negative amortization when making minimum payments. |