this post was submitted on 01 Oct 2023
712 points (98.5% liked)
Personal Finance
3819 readers
1 users here now
Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!
Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
We purchased right before ar the beginning of the rate increases. A 10 year ARM. Hoping the rates stabilize by that 10 year mark or things might get expensive for a few years.
Why anyone would ever do an arm is beyond me.
Because your realtor and your lender--professional salespeople who stand to make much profit off you--make it sound like a really good idea. Unfortunately, people don't do a lot of their own research and instead think that their chatty, bubbly realtor is their friend that gives good advice.
Yep! I argued the math with a realtor who continued to regurgitate the same bullets over and over again.
I honestly see realtors are car salesmen for houses.
You can fool some of the ppl all of the time I guess.
If I’m going to pay off the loan before the adjustable rate either way, I might as well get the plan with the lowest rate.
Purchased at like 4.1% but absolutely refused an ARM. We have a fixed rate and absolutely nothing would ever make me get an ARM.