...Mortgages Co."? They are offering fantastic 1% Option ARMs.Scam??

I'm not familiar with the company, but low rate jumbo Option Arms are fairly common. You need to find out if that's an intorductory "teaser rate", as well as the maximun Loan to value they're offering. If they're a web based lender, make SURE you find out ALL their fees, (be very careful to scrutinize EVERY line of the GFE), and see if they'll guarantee no additional fees. That type of company tends to have extrememly high costs attached that are not necessarily disclosed from what I know from clients of mine (I'm a mortgage broker) who have either used them in the past, or checked them out. Hope this helps.