Mortgage Reset - Don't worry - Your Rate will be lower
Submitted by morlhzd on Fri, 04/04/2008 - 03:11
Yes this title sounds like it should be sarcastic - but it's really not, what most people don't know - is that if your mortgage resets today, it'll actually be lower (but the banks don't want you to know that -- they want you to re-finance into a more profitable (for them) 30 yr fixed...
No - I'm really telling the truth, if your ARM is based on the LIBOR or any Treasury Rate - it will reset lower today then when you got your mortgage. (and probably much lower in the near future).
So - don't refinance, you'll only help the banks (and end up paying much more)
(Read - author is a big RP supporter)
http://globaleconomicanalysis.blogspot.com/2008/03/dear-citi...
»
