Spring 2007 -- We'd like your opinion.
If you're like a fair number of homebuyers over the past few years, you may have selected an Option-style ARM, interest-only Hybrid or more traditional ARM as your mortgage choice. As those loans can be more "risky" than a fixed rate mortgage, there's a lot of concern that you, the borrower, may be ill-prepared to manage your mortgage in the current rate and mortgage credit environment.
Most high-frequency adjustable (such as monthly, three or six-month PayOption ARMs) have already seen their interest rates ratchet up over the past few years. More "traditional" kinds of ARMs such as 3/1 Hybrid ARMs are slated for their first adjustments any day now. That's also true for 3/27 subprime ARMs originated in 2004, or 2/28 subprime loans made in 2005.
Given the level of change in interest rates between then and now, and weighed against the changing currents of mortgage credit in recent months, we wonder if you'll take a minute to relate your experience and concerns to us, and perhaps to media outlets, as well.
We also trying to measure your level of concern about rising interest rates, how you're managing or preparing for higher payments, and whether or not a rising loan balance on your negative-amortizing ARM is causing you to lose sleep at night. If you are facing some troubles, we also wonder if you have plans to refinance if you get the chance, or if you'll stick with your choice for a while longer yet.