When we bought our house we decided on an ARM because we were not planning to stay in the house for longer than 5 years. Of course the economic collapse has stymied all our plans. Our payments are manageable at the moment. (Although a lower one would be very helpful!) But things are very iffy after all and who knows what will happen? We are trying to be fiscally responsible, and refinance into a 30 year before things change but it seems like we are always thwarted by something.
When the rates first dropped I called around, people took my calls but then didn't get back to us. Eventually we decided to take a break, concerned that our credit score would be affected by having too many people look at it- and taking the chance that the interest rate wouldn't rise anytime soon.
So now the interest rates have gone up, we were going to wait it out, but our circumstances are very volatile at the moment so I thought I'd call and see what our chances are now. Only to find out that now this is going on. Husband's office has had 2 deals fall through due to low appraisals. And we certainly don't want to spend money on multiple appraisals if one comes back lowball. The number the mortgage rep at my lender quoted me yesterday made me burst into tears, although Husband was able to talk me back of the ledge.
So now it looks like we are back to waiting and seeing, perhaps even to the point when the ARM comes up. I think I am just frustrated at not being able to take the reins and control my own destiny with this.