Option ARMs have become an established part of the mortgage market landscape. But do customers really understand the risks – and the potential tradeoffs – they are taking on when they opt for these complex loans? Borrower savvy about the workings of nontraditional mortgages, particularly option ARMs, which allow customers to choose each month among minimum, interest-only, and fully-amortizing payments, has been a major topic of discussion at industry gatherings in recent months. In general,…