http://www.bargaineering.com/articles/arms-holders-in-trouble-foreclosure-vultures-circling.html personal finance blog with anecdotes, advice and commentary. Sun, 22 Nov 2009 04:50:49 -0500 http://wordpress.org/?v=2.8.5 hourly 1 http://www.bargaineering.com/articles/arms-holders-in-trouble-foreclosure-vultures-circling.html/comment-page-1#comment-2040 thc Sat, 19 Nov 2005 03:18:49 +0000 http://www.bargaineering.com/articles/?p=471#comment-2040 Two years ago I actually re-fied to a 3/1 ARM at 3.75%. It has a 2 point cap, so in a year our rate will go to 5.75, which still isn't too bad but it will be a $550 bump in our monthly payment. Since we don't expect to be in this house more than another year or two we're in good shape, but a lot of folks who bought based on what they could afford with a cheap ARM...there's gonna be trouble! Two years ago I actually re-fied to a 3/1 ARM at 3.75%. It has a 2 point cap, so in a year our rate will go to 5.75, which still isn’t too bad but it will be a $550 bump in our monthly payment. Since we don’t expect to be in this house more than another year or two we’re in good shape, but a lot of folks who bought based on what they could afford with a cheap ARM…there’s gonna be trouble!

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