my index should continue to fall and is not projected to rise above what it is now until sometime in early 2016!
I wanted to sell in 2014 when I’m planning on moving but if mortgage-x’s prognostications are true, this will give me more time to wait the market out (at a very, VERY low mortgage interest rate) for a higher sales price while renting it out!
I’ve enjoyed a tremendous run of downward adjustments for several years without even having to spend ONE DIME on refi!!
I’ve had these types of ARMSs since the eighties and have NEVER had this long and deep of a period of downward adjustments …
It’s AWESOME!
Folks, contrary to what the MSM would have us believe, OPTION ARMs are NOT EVIL. They are GOOD … that is, if you are a PRIME borrower who CHOOSES to AMORTIZE every month. (My current purchase money transaction cost only $2800 out the door to close.)
:=D[/quote]
Call me crazy, BG, but I’d say that when interest rates are at their lowest point, it is time to SELL if you ever intend to sell/move.
Don’t project the price trends over the past ~50 years to continue. Asset owners have had the effects of baby boomers entering their peak purchasing years (they are going to be entering their peak selling years now), and continuously lower interest rates over the past ~30 years. I think there is a definite danger of a prolonged period of asset price declines if interest rates ever get away from the Fed, or even if they start rising in a “controlled” fashion.
I think this is a dangerous trap that many are getting into. Just my 2 cents…
