bearishgirl – I guess I have been using the word “reset” loosely, to mean the rate adjustment (recast), not a reset triggered by negative amortization.
As far as I can tell the only difference between the COFI loan you have and the ARM I used to have is the index used and tha margin. Both had rate adjustments after 60 months and adjust annually.
I purchased my rental in 2002 and I’m actually pretty happy with my current fixed rate. but yes I wish I hadn;t refied multiple times. I’m at about 40% equity today and would be closer to 50% if not for refinancing. Live and learn.
