Msg. 28199 of 65535 (This msg. is a reply to
28170 by
oldCADuser)
Jump:
And, keep an ey out as you creep closer to retirement... Do any loans prior to actually going out the door.. We paid the mortgage off a year or two before I bailed, get the creeps out of here!
My adjustable rate mortgage uses the 'Libor rate' as part of the index determining the annual adjustment. We did our last refinance which as a zero cash-out (we took no equity out) some 9 years ago in order to take advantage of a significantly lower rate. it was 5/1 ARM, fixed for 5 years and then adjusting every year after that. The first adjustable year it actually went up a bit from the initial 5 year rate, which we kind of expected, but it's been going down ever since. The most recent adjustment went into effect for our April payment, which is now down to 3%, which will hold through next March. I check the 'Libor' index maybe once every few weeks or so (more often when it was getting closer to the day they 'freeze' the adjustment which is always based on what the 'Libor' was the last week of January) and based on what it was the last time I checked, if it were to hold the current level, we probably wouldn't see any adjustment at all. Our mortgage would remain at 3% for at least another year.
Anyway, I'll have to look into this further to see what sort of impact these revelations might have on my mortgage in the future.
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