by RDudley

Created on: October 21, 2008

How We "Fixed" Our Broken ARM

Read on if your dare:

"SAN FRANCISCO, California (AP) - Here's a safe bet for uncertain times: A lot of banks won't survive the next year of upheaval despite the U.S. government's $700 billion rescue plan to restore order to the financial industry." CNN 10/05/08 or

(Cringing about your adjustable rate yet?)

"AIG hits up Fed for more money

Three weeks after an $85 billion bailout, AIG is turning to the New York Fed for additional funding." CNN 10/08/2008

Oh, oh, and don't forget these great links:

MORE NEWS GM plunges 31% as outlook dims National City mum on sale talk Answers voters deserve Jobless claims fall from 7-year high For states, it's a 'worst-case scenario' Lenders still on edge Dow tumbles 7% Iceland suspends trading for 2 days OPEC to hold emergency meeting U.S. mulls buying bank shares Gas drops 4 cents a gallon Oil hovers around $89 on recession fears Euro banks add more liquidity

Makes anyone with an adjustable rate mortgage sleep much better doesn't? You just have to love the boys in 'ol DC. They sure know how to fix a financial mess. Inspiring I know.

Our "Calculated" Rate Search

So, about two and a half years ago we here at the house on the lake thought we'd like to buy a house since for the past 20+ years we'd been walking into the bathroom once a month to flush several hundred dollars down the commode in rent. We start looking around and doing the "couples" thing by getting going online to a mortgage site. We used a mortgage calculator to see what we could be pre-approved for and then submitted ourselves to the task of house hunting.

I'll write later about the whole "roaming the countryside for eternity looking at properties" story for another day since I hate to see anyone cry.

Since we had gotten pre-approved we suddenly became the proud receivers of offers from all types of financial institutions that wanted to help us finance our mortgage. Washington Mutual eventually won our hearts and ultimately our ARM. We didn't know a whole lot about ARM's except that they could "potentially" cause problems. They handled everything for us so that all we had to do was show up at the closing, sign a few papers, eat Godiva chocolates and dream dreams.

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The signing process went smoothly. Unfortunately, being the typical naive and ignorant consumers we were, we didn't pay too much attention during the signing. Maybe it was the fatigue from the hours of all the signatures we had to sign, but, all

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