Tony Brewer

I am really hoping that America (and the rest of the world for that matter) will really learn that adjustable rate mortgages are dangerous for many homeowners. I had thought that is was common wisdom that getting an ARM was not the best idea if avoidable, but it seems there are many people today who are suffering because they did not follow this wisdom. Sure there are other factors too, including declining housing markets and such, but if any good is going to come of this situation, it should be a giant learning experience for the masses. I haven’t really seen much in the way of stories focused on this, and perhaps my hopes will fall short, but we’ll see.

It would be nice to have a broad paradigm shift int he common sense in this country (on this issue and many others of course).

I had thought about refinancing the beach house in November, interest rates were good and it’s something that I thought about every month when making that mortgage payment. Of course the holidays were coming and I wanted to spend some extra money on the family, so I held off at the time. Now interest rates seem to be fluctuating quite a bit, and I am not sure if I should refinance now, or wait another month.

Of course waiting longer could mean that the ARM will go sky high, but it doesn’t seem like the economy is going to fall apart any time soon. I am putting money aside for the closing costs and lawyer fees, so if I decide to refi I will be prepared.

Of course I am kicking myself in the arse for not refinancing in November when I had the gut feeling to do so.