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Glad it worked out for you Jim. At the time we bought (last year) I was pretty convinced rates would never be lower then what they were, so I was pretty comfortable doing fixed because I figured an ARM only had one way to go from here...up!

fulano wrote:

74novaman wrote:

USA1 wrote: As long as you don't have an ARM (adjustable rate mortgage), then you're good to go.

We've been through Dave Ramseys Financial Peace classes, so we knew to stay FAR away from an ARM.

Dave Ramsey for President! What a great person. I wish his course could be part of high school graduation requirements.

Yep! We loved the class so much we helped teach it the next time it was offered.

I absolutely agree on requiring it in high school, though I'd add one more: You can't hold public office unless you've passed his course.

USA1 wrote: As long as you don't have an ARM (adjustable rate mortgage), then you're good to go.

We've been through Dave Ramseys Financial Peace classes, so we knew to stay FAR away from an ARM.

USA1 wrote:You have a legally binding contract, your rates won't change.

sweet. Thats what I was thinking, but confirmation is nice.

Saw a headline today: Bank of America to lay of 10,000.

Got me thinking: We have a fixed rate mortgage with BoA. If they go out of business and another Bank buys their mortgages, they can't renegotiate the contract and raise our rates, correct? Probably a silly question, but researching anything to do with mortgage law online is like trying to..well I can't think of a good analogy but there is a lot of junk out there.