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Originally Posted by Milkman
Indeed.
ARMs are for the over-stretched and those with a low FICO score and bad credit.
Low on the food chain. |
I read some articles recently that some of our people up there in Washington got suckered into the ARMS ... and there are so many different kinds it's mind boggling. Many of those who fell for this are educated professionals. Some people are seeing their mortgage double and triple ... and like I said alot are educated yuppies. People are seeing their mortgage go from say $1500 a month to $3000 or more because of these sweet deal ARMS.
I didn't go ARM ... but I did refinance back in 2003 ... only wish I would have went 15 years instead of 30.