qofcc
Well-Known Member
Joined: Dec 20, 2010 13:30:58 GMT -5
Posts: 1,869
|
Post by qofcc on May 22, 2011 17:58:14 GMT -5
Just received the notice in the mail today that my mortgage is adjusting as of July 1st and the rate is going from 5.25% to 3.75% for the next 3 years so my payment is going down $80/mo. And since it has a cap of 2% per adjustment period, 3 years from now the highest it can go is 5.75%.  |
|
schildi
Well-Known Member
3718 and no text
Joined: Jan 14, 2011 1:38:58 GMT -5
Posts: 1,817
|
Post by schildi on May 22, 2011 21:52:45 GMT -5
What is that? A 3/3 ARM? Our rate is at 2.75% right now, probably going down a little bit at the end of August, but we have almost hit the bottom (unless teh index goes negative, lol).  |
|
❤ mollymouser ❤
Senior Associate
Sarcasm is my Superpower
Crazy Cat Lady
Joined: Dec 18, 2010 16:09:58 GMT -5
Posts: 12,858 
Today's Mood: Gen X ... so I'm sarcastic and annoyed
Location: Central California
Favorite Drink: Diet Mountain Dew
|
Post by ❤ mollymouser ❤ on May 23, 2011 1:08:19 GMT -5
What will you do with that $80 every month? |
|
qofcc
Well-Known Member
Joined: Dec 20, 2010 13:30:58 GMT -5
Posts: 1,869
|
Post by qofcc on May 23, 2011 7:58:40 GMT -5
Yes, a 3/3 ARM with a 2% up or down cap.
My plan for the extra $80 is to go towards paying down debt.
|
|
|
|
Post by Savoir Faire-Demogague in NJ on May 23, 2011 8:09:21 GMT -5
Yeah, good for you! ARMs seem to have been a good option the last 10 or so years.
|
|
Deleted
Joined: Jun 30, 2024 1:03:36 GMT -5
Posts: 0
|
Post by Deleted on May 23, 2011 9:49:57 GMT -5
YAY!!
Always love it, when the 'variable' rates work in OUR favor....hehehe...(I'm sure that's not what the bank thought would happen tho....awww...)
Our variable loan (heloc) is down to 2.99% with a balance of 17k and change, and we're slamming it with a $2100./mo to pay it off by the end of the year. We took it out 3 yrs. ago with a 54k balance and a slightly higher rate, (that continually has come down) but we started hitting it hard last fall. We just want the thing gone.
It's our last debt outside our 72k balance on our mtg., and once paid we're then applying the heloc payment to the mtg., and hope to be completely debt free by end of '13.
Both of our houses, free and clear! Dh turns 50 in Jan. of '14....and I can't think of a better b-day present.
|
|
