April 19, 2006 9:13 PM Subscribe
MoneyFilter: What should I do with my adjustable-rate mortgage?
posted by wintermute2_0 to work & money (19 answers total)
Here's the vital info. I purchased a condo in 2002 for 190K with a 60K down payment. I started with a 30-yr mortgage of somewhere around 6.25%. In 2004, I refinanced under a 5-yr arm for 4.75% because I wanted to free up some cash flow.
News of rising interest rates has me feeling a little squirrelly. Did I do something completely stupid when I refinanced? Should I take action now or wait a few years and hope the economy doesn't take a nosedive? In case it matters, I have a very good credit rating and I plan on staying in my condo for the foreseeable future.