Has anyone ever *NOT* been screwed by a variable-rate mortgage?

[Orrex]

I'm hardly a financial wizard, but I knew at a glance that I would never benefit from a variable rate. For anyone expecting to pay for thirty years, how could the variable rate be anything but a disaster?

It really seems to be designed and guaranteed to screw the borrower.

Does anyone have any success stories with such mortgages?

[billyskank]

1. I suspect mortgages in general are designed to screw the borrower

Mine's variable rate, but at least the sum I borrowed is now significantly less than twice my salary, so I should survive any exchange rate fluctuations.

[NewJeffCT]

2. My wife & I made out pretty well

However, we knew we were going to be moving within a few years when we refinanced in 2001 or 2002 to a 5/1 ARM that was amortized over 10 or 15 years.

We ended up saving a few thousand dollars in interest costs in the 18 months or so between when we refinanced to the ARM and when we sold the house.

That is the ONLY time you should do an adjustable rate mortgage - if you are almost certain you'll be moving before the lock-in period expires.

[IndianaJones]

3. if you know you're going to move or have bad credit. nt.

[Aristus]

4. I never have. That's because I would never sign one. Variable rate mortgages

are for idiots.

On edit: So are interest-only mortgages.

[SPKrazy]

5. never done a variable rate

figured they would screw me...

[cobalt1999]

6. If I wanted to gamble, I'd go to Vegas

I'd get screwed out of some money there too, but at least I'd have fun losing it. :)