Reply #60: The rate has remained the same all along...

[Juneboarder]

Those I/O ARMs didn't come with the best rates ever... especially since we had no money down. We did, however buy our rate down by 1/2 a point at the closing to help out that little bit. The only way we had that money is that we demanded so much from the seller in closing costs and the CC were much less than anticipated, so it went towards the rate buy-down.

I agree, 8 years can definitely bring a lot of positive, but my perspective on our government and economy has changed DRAMATICALLY in the last two years. I feel much more informed now than I have ever before. I am scared to think of how long a recovery can take if the onset took so long...

As for the max rate on each reset and LOL... I'd have to pull my loan docs (which I know exactly where they are!!) That's stuff I was aware of, but of course led down the path of oh you can refi, blah... you have 10 years, blah... blah, blah, blah.