Almost Time for ARMs to Adjust
Snip...
"The Mortgage Bankers Association estimates that some $330 billion worth of ARMs will adjust in 2006 and $1 trillion worth will reset by the end of 2007.
Since the average ARM loan is about $300,000, according to Freddie Mac, a trillion dollars probably represents more than 3 million homeowners who will face bigger bills in the next two years.
If you took out an 3/1 ARM for $300,000 back in late 2002, your initial interest rate was probably around 5 percent and your monthly payment has been about $1,610."
More...
"The Mortgage Bankers Association estimates that some $330 billion worth of ARMs will adjust in 2006 and $1 trillion worth will reset by the end of 2007.
Since the average ARM loan is about $300,000, according to Freddie Mac, a trillion dollars probably represents more than 3 million homeowners who will face bigger bills in the next two years.
If you took out an 3/1 ARM for $300,000 back in late 2002, your initial interest rate was probably around 5 percent and your monthly payment has been about $1,610."
More...
posted by Little_Silvered at 8:50 AM
2 Comments:
Your posts are always interesting and informative. I appreciate all the work you put into this blog. I've learned a lot.
These Hotshot ARM buyers going to regret they ever heard of arms.
HHAHAHAHAHAHAHAHA
They deserve everything coming to them.
You have no discipline or patience then you learn the hard way!
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