Alternative Mortgage Instrument

Think: FlexiMortgage. Something a little weird...something a little wild. Like... want teaser rates for a few years then an adjustable for 5 and then for the rest, a fixed at LIBOR plus whatever? This is the mortgage package you want. The "alternative" there is an analog to the equivalent in "lifestyle". Pay 2 1/2 deductible points up front and then bring down your basis rates on the remaining debt a solid chunk.

A NON Alternative Mortgage? The vanilla, Presbyterian, missionary position, 30-year fixed contract that is printed on very white paper.