Current Events — HabitableZone

Current Events » in reply to re: I see it as politics as usual

Oh my.
Eri — (archived)

I hear what you're saying; it's just hard for me to understand. I read the fine print. Pissed off my lenders when I refinanced to get a lower fixed rate than my original (about 4 years ago when interest rates had bottomed out) that I was reading everything. My attitude was, "frag you, a-hole, this is MY life we're signing away." And I went right ahead and read.

My original mortgage was about 12 years ago when I wasn't yet in my dotage. Late 40's. I refinanced, like I said, about 4 years ago for a lower fixed.

Unless you're a gambler with damned good luck and a helluva backup bank account, you've got no business with an ARM. Once that rate starts climbing, your goose is cooked. That's how I look at it. You've got to be able to afford the higher rate right now. If you can, sign on the dotted ARM line since it will save you $$$ at the beginning..

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