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Message
re: Question about my 5/1 arm mortgage.
Posted on 8/5/11 at 5:45 pm to C
Posted on 8/5/11 at 5:45 pm to C
quote:
If libor stays low...
Libor rate will lock in for a yr. And even if interest rates increase the following year, I am protected by a cause that says the rate increase cannot be greater than 1% yr over yr. I am pretty much looking at 3-4% over the next 2 yrs. If I want an even lower rate, I can always refinance as I do have the sufficient equity in my house now.
1
Posted on 8/6/11 at 12:33 am to siliconvalleytiger
The ARM's I closed were mainly 2/28's & 3/27's, and once they popped out-which you were an absolute dolt if you let them-they adjusted every 6 months.
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