Adjustable Rate Mortgage Haters
Have a hard time seeing the bad in them.
Just had one adjust down for the 3rd year in a row. It's pretty nice to not get locked into above market rates for your mortgage. :)
Interestingly if things do go the other way and it adjusts up the maximum amount allowed each year it will be 2 years (so in this case March 2016) before it would be 6.875% which is the rate I have on the only 2 rentals I have 30 year fixed rates loans on.
Wish I had ARMs on those places instead!
So I'm curious if someone can actually tell a real horror story that leads them to avoid these products? Not conjecturing about "I'd never want to have an ARM because I don't want to have my payment go up." stuff. I mean an actual story where that happened and it caused a real problem that was difficult to fix.