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Use of nontraditional loans also increased, Appleton-Young said, although changing market conditions started to give an edge to fixed-rate mortgages rather than adjustable rates.
Zero down payments became more prevalent with fixed-rate mortgages, increasing to 16 percent last year from 11 percent in 2005, Appleton-Young said.
“Nontraditional mortgages are not going away. They are just a part of the landscape now,” she said.
While baby boomers facing retirement might shy away from higher-risk mortgages, she said, they can be beneficial “for younger Generation Xers and Ys entering the market with the need to stretch every dollar.”
So remember – if you’re about to retire, maybe ARM Option Payment loans aren’t for you. Maybe.
But if you’re not retiring, you can’t afford not to buy! Option Payment loans may be your only choice.
I hear that at some point in the interview for this article, Appleton-Young suddenly said: “Come with me if you want to live… in California!”