General Looks like I might've bought myself a place

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Rambo John J

Eats things that would make a Billy Goat Puke
First 100
Jan 17, 2015
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Ok yeah, we have those loans (variable rate) here also. They're called ARM loans. You can get them for certain terms, but most are 5 years and then the rate is fixed at whatever the rate is after 60 months. People can get seriously hosed on those like you're experiencing, when the rate is low when the loan starts and then increases. Most over here choose Fixed Rate Term mortgages (10, 15, 20, 30 year).
We signed a 30 year then refinanced to a 15 year with a lower rate...rates were 3% or so

Really want to get a big place with land to work but with Rates 7%+ now out here I am not prepared to pay cash or all that interest...maybe in 10 years
 

Wild

Zi Nazi
Admin
Dec 31, 2014
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We signed a 30 year then refinanced to a 15 year with a lower rate...rates were 3% or so

Really want to get a big place with land to work but with Rates 7%+ now out here I am not prepared to pay cash or all that interest...maybe in 10 years
Yeah we refinanced to a 20 yr at 3.125% when the rates were low also. I cant imagine buying this same house at 8.25% or whatever the rates are today. The monthly payment for a 30 yr at the current rate would be almost double what it is with our current 20 yr mortgage. Crazy. I dont know how anyone can afford a mortgage at these rates.