On Sun, 25 Oct 2009 15:40:52 -0400, H the K
wrote:

On 10/25/09 3:36 PM, Don White wrote:
wrote in message
...
wrote in message
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On Sun, 25 Oct 2009 11:42:13 -0600, Vic Smith
wrote:

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

Almost makes me wish i had a mortgage again.
In my day I had signed up for 11.25% back in the mid '70s.
When I sold that house and moved back into the city I lucked out at around
6%
This house has been paid for almost 10 years now.




Hell's bells, move to SW Florida, and buy yourself a million dollar
house for 15 cents on the dollar...probably find one lightly used that
formerly was owned by a dentist with a hugely upside down mortgage!

Whatever happened to him?

Was he shamed away from rec.boats?