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Sort of loving the ARMs right now

July 23rd, 2010 by Kenric

I got a letter the other day and it said that my loan one of my SLC townhomes, which was a 5/1 ARM is adjusting next month.  I wrote about it about a year and a half ago.  It’s adjusting from 6.5% to 3.00%.  My payment on the property is dropping about $300.  This property is already cashflowing about $150/month so now it’s gonna really be cashflowing.

My other SLC townhome has been around 2.95% for almost a year.

Now I have 2 properties that have interest rates under 3.00%.  Just unbelievable really.

My Chicago condo property ARM resets in March 2011.  I don’t remember what the index and margin is on it, but if it’s like the other two it should drop to 3.00% also.  My payments should drop about $500/mo.

Yeah I know I’m smiling now, but in 5 years I’ll probably be bitching about these 10% loans I have.

Posted in Real Estate | 2 Comments »
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