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Re: How much can I afford to pay in rent?
dcasper,
Your arguments are naive except for #3. Here are my arguments for why an ARM is not good right now. 1. Interest rates at a relative low and are likely to increase in the coming years. I will caveat that I have not looked at actual interest rates recently and if this has already occured, my argument sucks. 2. The housing market in many areas is due for a downward turn and this could devastate someone who took an ARM expecting to be out in a couple years. The choice of leave and take a big loss of equity vs pay a much higher, possibly too high, payment is an ugly one. And no bold either. J |
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