Originally Posted by joebenz
congrats. maaaan. 1.95 is sooooo low. is that an ARM? 15 year fixed?
It is an ARM but its based on the COSI..............so it will never go very high, highest it ever has gone is 8% and that was in 1989 when rates were in the what.........18% range? Right now its projected to cap at about 5.3%
i would have prolly went for a fixed but congrats onthe house
No way would I go with a fixed unless it was the last house I planned on buying. Average person lives in their house for 7 years so why pay higher rates just to have security for something you won't need? I do people's mortgages every day and I rarely ever tell people to get a fixed rate.............I even tell customers if the rates go up above what I tell you they are projected to I will redo the mortgage for them for free, I'm pretty confident though in the program.
congrats! how old are you?? you look too young of a person to own a house.
I just turned 22 May 6th