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lbelle821
Arghhhhh
Member since 2/06 5285 total posts
Name:
Lisa
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12/15/09 - our ARM is up!
we will be in our house for 5 years!
I've been worried about the ARM adjustment because we're not ready to close on our new mortgage (we're doing an addition).
I just got the letter on the adjustment.
We had a 4.8% rate before. We have a 3.8% rate (something like that) now The payment is going down $300 and is good for one year. Worked out pretty well.
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Posted 11/29/09 9:31 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: 12/15/09 - our ARM is up!
Good for you!
My boss took out a 5 year ARM too and it was the best decision she ever made.
They have saved thousands.
I have a second loan on my condo and it's also below 4%.
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| Posted 11/29/09 9:57 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: 12/15/09 - our ARM is up!
Good for you!
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| Posted 11/29/09 10:21 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: 12/15/09 - our ARM is up!
Anyone who took a 5yr ARM (five years ago) really did well. Rates are at historic lows right now.
If I were you, if you don't want to run the risk of the rates spiking over time and plan on staying in your house for a little while, i'd seriously consider a 15yr fixed re-fi.
My broker was advertising 4.25% for a 15yr fixed on Friday. Unbelieveable!
ETA: Just got today's rate sheet... still 4.25% for 15yrs fixed. 0 points.
Message edited 11/30/2009 11:07:37 AM.
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| Posted 11/30/09 11:05 AM |
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mavaesq
LIF Infant
Member since 6/09 126 total posts
Name:
Valerie
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Re: 12/15/09 - our ARM is up!
Good for you! You may want to take advantage of the rates for now and see if you can refinance to lock in the low rate.
I just did this. FM me if you need more info :)
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| Posted 11/30/09 11:10 AM |
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lbelle821
Arghhhhh
Member since 2/06 5285 total posts
Name:
Lisa
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Re: 12/15/09 - our ARM is up!
after all of the crap we kept getting from everyone about taking an ARM (both families) and putting ourselves at risk I'm so glad it didn't backfire.
We knew that in 5 years we would probably be upgrading.
Right now we have a mortgage secured for 5.25% 30 year fixed because we're doing an extension on the home. We were extremely limited as to what we could get because I refused to do an FHA loan due to the current value of the home.
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| Posted 11/30/09 11:58 AM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: 12/15/09 - our ARM is up!
We just locked in 4.75% on a 20 yr. refinance--
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| Posted 11/30/09 1:56 PM |
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Re: 12/15/09 - our ARM is up!
That is great. Sounds like it really worked out well for you doing the ARM! We did something that was frowned upon also when we bought but worked out to our advantage too!
Good luck with the reno!
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| Posted 11/30/09 2:15 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: 12/15/09 - our ARM is up!
i just locked in today at 5.25% for 55 days...
continental.
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| Posted 11/30/09 9:45 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: 12/15/09 - our ARM is up!
I just had to bump this, b/c our 5/1 ARM just expired and it went down 1 1/8% and $400/month!
I couldn't be happier. We were in the process of selling, but recently took it off the market. Now I don't mind as much!
 to the 04/05 ARMers! I'm sure that doing an ARM now might not result as well!
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| Posted 6/27/10 2:00 PM |
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lbelle821
Arghhhhh
Member since 2/06 5285 total posts
Name:
Lisa
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Re: 12/15/09 - our ARM is up!
I was shocked to see this bumped...lol.
Good for you
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| Posted 6/28/10 10:04 AM |
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