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The vast majority of people are better off taking an ARM instead of a fixed rate mortgage.
Plus my mortgage isn't the bulk of my monthly payment, it's my property taxes.
originally posted by: TrulyColorBlind
originally posted by: Edumakated
a reply to: JAGStorm
You still have some crappy FHA and VA loans at the margins
Could you please explain what you mean by this statement? I was thinking about getting a VA loan and am curious as to what that might entail. Thanks in advance.
originally posted by: Riffrafter
BTW - What state do you live in?
In any event, they did a reassessment of my house/property after we bought it and my taxes jumped to over $23K per year. Are you kidding me?
I decided to move 20 minutes north to Danbury CT. I got a far nicer house, 4 times the land (from a 1/2 acre to 2 acres) and my taxes were a shade over $3k per year! That was both school and property taxes. We felt like we hit the lottery!
First mortgage in CT was at 11%. Re-fi'd at 7% and again at 4%. The bank that held our mortgage did the re-fi's too as they didn't want to lose our business.
I have you beat.
That's a beautiful part of the state, I really like NW CT.
I'm in Essex County, New Jersey, where I get to help pay for the school budgets of towns I don't live in.