[Antoninus]

Eery idiot that signed one of those mortgages shoule lose their temporary housing and every company/bank that wrote them should go under!

I don't wish evil on anyone. But if you didn't know that paying $500/month on a $300,000 mortgage wouldn't last forever, you're too stupid to live.

I never even considered an ARM when applying for a mortgage. Lock yourself into a low fixed rate on a 30 year and pay it off in 15 years or less--that's been my goal.

As for the housing prices going down--that's a good thing for young folks. The levels they were at, particularly in places like California, would have eventually turned every young person into a life-long renter.

[steve8714]

I may refi with a five to seven year balloon, because I figure on moving in two or three years, and my 1100 s.f home is of a price that didn’t get hammered too bad, if I can find one under 5% without the hateful PMI.
I will be much tougher on purchase price next time, and don’t expect to make a killing at resale, nor will I use my house as piggy bank.

[Richard Kimball]

I’ve got a 30 year 5.5%, and get about four letters a month trying to get me to go to an ARM.