I just watched Charlie Sykes' Sunday morning show, which included the doughy hack from the Shepard Express vilifying adjustable rate mortgages and suggesting that they be eliminated. What a financial moron.
I had an ARM for the 2nd half 1990's and held it until the summer of 2005. During that time, I took advantage of declining interest rates, with my adjusted mortgage rate falling below 3% for some years. It was a beautiful thing.
When mortgage rates began to turn around, I locked a fixed rate mortgage at less than 5%, another beautiful thing.
Anyone financially ignorant enough to choose an ARM at a time of historically low fixed rate mortgages deserves what they got. They do not deserve to keep that home that they cannot afford.
Arizona Frybread
12 years ago
1 comment:
Back in '05 we bought a lot with the assistance of a 3 year ARM. This September it turned into a 1 year ARM and in late winter/early spring it will turn into a 30 year conventional.
I figured we would be building before the ARM adjusted and we are.
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