Thursday, May 25, 2006

Extra, extra! 
Here's the scoop.

How are those interest-only, balloon payment mortgages you took out with interest rates near historic lows and heading higher workin' out for ya, suckers?

Great post. Tried to tell people that there was no way interest could stay that low and to lock in the best they could find. Guess who they thought the dummy was and who we know the dummy is now.
I sold a home in Jan 2005 when I moved back to Texas in Dec 2004. Because I went back to school, I didn't buy a new one down here. At this point, mortgage rates are still below the rate I had on my old house, and I'm hoping that when I am ready to buy another house (after graduating in December and securing a teaching job), it will be buyer's market again. I mean, my house in AR sold the day it went on the market, and for more than the asking price.....
Actually, they're probably working out fine, since you can just sell, cash in your 100K in appreciation for the three years you've owned the property, and laugh all the way to the bank.
If you jogged in and out the way we did (3 year ARM near the trough and now refinanced to 30 year fixed) you're doing ok. Unlike the stock market, unexpected, massive interest rate shifts are just not in the cards.
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