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(BPT) - In pop culture, myths can sometimes be mistaken for truth. Common ones, like, "don't swim for a half hour after eating," or "we only use 10 percent of our brain," are false even though they're widely taken for fact.
The adjustable rate mortgage (ARM) earned a bad rap after the 2006 housing crisis. The problem was, before the crisis, many borrowers were able to qualify for more home than they could actually afford by using interest-only, No Income Verification or No Ratio ARM products. When the housing market tanked and many houses lost value, some homeowners with rising mortgage payments either foreclosed or walked away from their properties.
Fast forward 10 years to today. The ARM is back to show potential homebuyers it's not the villain of the housing market. It's time to debunk the myths that give ARMs the "b...
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