"jps" wrote in message
...
On Sun, 25 Oct 2009 11:42:13 -0600, Vic Smith
wrote:

On Sun, 25 Oct 2009 01:06:52 -0700, jps wrote:



It was the 3, 5 and 7 year adjustable rate mortgages that screwed most
of those mortgage holders. Those were institutionally pushed on
customers (suckers) in the same way tulips bulbs were sold.

Dangerous if you're in over your head, as most were with home price
inflated, and the job market ready to fail.
OTOH I re-fied from a 7% 15-year to a 3% ARM about 7 years ago.
The ARM saw a max of 6.5% and is currently 4%.

--Vic

Your luck will hold for a little while yet. I'm looking at 15 year
now. Rates are extraordinary.


I just re-fi'd from a nice, fixed rate 30 yr to an even better fixed 15 on
all my properties. My main mortgage increased by $150/mo, but it's 15
instead of 30 yrs. Also, I make an extra payment every yr, so that means
it'll pay off sooner.

--
Nom=de=Plume