92126_guy we were more then likely neighbors when I lived down on Cheryl Ridge Court. DW summarized the specifics of your loan. It is unfortunate that none of that was explained to you when you signed your loan docs. Conversely you get the on line finger waggle for not reviewing it thoroughly on your own because you more then likely were blinded by the “appreciation will take care of everything” thoughts and that you would refinance out of the loan you are in.
So my first piece of advice would be to find out EXACTLY what your payments will be. You mentioned above what your margin and index were and if they are what they said, then yeah you are looking at a pretty harsh rate jump at your 5 year anniversary. So just to make sure you have a COMPLETE understanding of the situation, look at your statement and there should be a number for you to call to find out more information. Get the exact story and when you are talking to them have your loan docs in hand.
Once you know what your payments will reset to then you can start charting out what your monthly budget will be come reset time so that you can make informed decisions.
As for the depreciation off of Calle Cristobal homes, I do believe they will continue to ride down. Much of it will depend on employment and interest rates. There is a strong demand for these homes because they are the largest in Mira Mesa and they are close to the golden triangle. If they were in a different school district they would have an even stronger demand. (AN I am not banging MM schools but just giving you the perception that most people have of them)
Anyways hang in there, gather info and be informed.
