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re: Talk me out of a 7 Year - Adjustable Rate Mortgage loan
Posted on 2/10/16 at 7:06 pm to Toula
Posted on 2/10/16 at 7:06 pm to Toula
I did a 7ARM a year ago. Needed to refi to get my equity over 20% to ditch PMI.
Same boat, I know with a great deal of certainty that we won't be in this house 6 years from now. Yea things change, but at least for me, even if i had to take on adjustable rates for a year or two, it wouldn't be a big deal.
ARM's didn't sink the market btw, lending to people who had no business buying the home they did sank it. Giving them these types of loans was the only way they could afford the house. My mortgage payment is like 7% of my take home income right now, not worried about interest rates.
Same boat, I know with a great deal of certainty that we won't be in this house 6 years from now. Yea things change, but at least for me, even if i had to take on adjustable rates for a year or two, it wouldn't be a big deal.
ARM's didn't sink the market btw, lending to people who had no business buying the home they did sank it. Giving them these types of loans was the only way they could afford the house. My mortgage payment is like 7% of my take home income right now, not worried about interest rates.
This post was edited on 2/10/16 at 7:07 pm
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