Re: How can mortgage payment be this low?

On Mon, 1 Dec 2003 21:04:47 -0500, "lpogoda"
<[EMAIL PROTECTED]> wrote:

>The second scenario is you buy a house with an adjustable rate mortgage, and
>rates fall.  The size of your payment declines over time, automatically,
>without the trouble and possible expense of periodic refinancings.

That's what happened to me with my first house.  I took out an ARM
with an initial rate of something like 10.75% (that was good in 1984).
My banker neighbor was aghast that I had fallen for such a trap and
predicted dire consequences.  Then, after the first year or two, I
watched my rate (and payment) go down every year after.

Dennis (evil) again (naturally)
--
The honest man is the one who realizes that he cannot
consume more, in his lifetime, than he produces.