On 13 Jul 2004 06:45:53 -0700, someone wrote:

2. When I look at the amount still owed on the house, I might as well
be in an interest only loan.

3. I plan on staying in this house until at least 2010.

Six years ago, we built our house and took a 15 year loan (fixed).
Two years ago (i.e.four years into the loan w/11 yrs remaining),
we refi'd for 10 years. Our monthly payment didn't go down but we
shortned the term, cutting out a year's worth of payments, that was
our savings. By 2012 we will have no mortgage on our house. If you
only look at monthly payment and "might as well be" interest only,
then you will always be renting your house from the bank.

If interest rates go up, you will not be able to refi the ARM for any
better rate.

So how do you want to bet???

-v.