Payment Shock

By the time you agree to accept an ARM, your loan rep should have eliminated the possibility of payment shock. The loan rep should show you a monthly payment schedule outlining the maximum amounts you could ever pay, and the dates when those maximums payments could go into effect. If your payments at some time did reach those levels, you could not justifiably claim to be shocked any more than Claude Rains when he discovered gambling operations in the back room at Rick's cafe in Casablanca.

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