Is my adjustable rate mortgage going to be a problem for
me in 7 years? I just closed on my house and went for a 7 year ARM. My principal balance is $228,000 right now. I took out the 7 year mortgage because I think there is a good probability I will not be in the home beyond the 7 years. Now I'm a little worried if I do stay I'm going to be in trouble financially and might be forced to sell. Some questions I have are will rates be much higher then? Was this an unwise move? My current income is about $60,000 and in 7 years will likely be about $75,000 or higher.
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