Sorry HLS I guess I should have been more specific. My mortgage (originally about $322K now down to about $300K) is at 4.125% My P& I is about $1,650. My ARM should reset to just over 6%. I figured that to be about $300 more a month.
The “PLAN” was to sell after 4 years (we’re military and figured we’d get orders in 3 ended up being 4) House has been on the market over a year now. Highly annoying but another story.
Anyway, I am perfectly capable of paying an additional $300 a month on the house. If I was actually living in it I wouldn’t even blink. Obviously, I can’t refi now since it isn’t my primary anymore. But still 6% isn’t a bad rate either. I don’t see it as a crisis. But then, I didn’t use the ARM to qualify into a house I couldn’t afford. But I’m sure that I’m the majority, who simply saw the teaser rate as a way to save some money on the front end.
