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moonscape

(5,401 posts)

7. I did in 2004. Low rate locked

Reply to MichMan (Reply #5)

Fri Oct 4, 2024, 02:27 PM

Oct 4

for 5 years years while rates were rising. Then, rates started dropping and every year it benefitted me.

I could not have refinanced on my retirement income. Just got into my place because of the adjustable. Just in the last couple/few years have my rates been higher than fixed, and I’ve been making additional principal payments so my 30-year loan is mostly paid off.

Lots of economic reasons people sometimes get an adjustable. That was mine.

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We just got a letter telling us our monthly mortgage payment is going down. [View all] GumboYaYa Oct 4 OP

You must have a variable interest rate. jimfields33 Oct 4 #1

Not necessarily January dsc Oct 4 #9

I hope mine goes down. lol. Even 10 bucks would be nice. jimfields33 Oct 4 #10

What is the reason? thinkingagain Oct 4 #2

My 20y rate DeepWinter Oct 4 #3

Variable rate mortgage? Bmoboy Oct 4 #4

Never understood why anyone would take out a variable rate mortgage MichMan Oct 4 #5

When the rates are HIGH, it makes sense to get a variable rate so you can benefit from when it lowers. Jmb 4 Harris-Walz Oct 4 #6

I did in 2004. Low rate locked moonscape Oct 4 #7

Me too this was about 2 months ago. And my Insurance also went down. doublethink Oct 4 #8