We finally found out the details of our mortgage adjustment. On Nov. 1, the monthly payment will be going up $79.97. Then it will adjust every year after that.
Considering we can't do a damn thing about refinancing as long as we owe about what it's worth, $80 is a relief. We can definitely work that into our budget. And the interest rate is only going up to 5.99%, so that's still a good rate for the time being.
If it looks like we aren't going to have enough equity to refi by October 2009, we can start pouring extra money toward equity instead of other debt. I just hope house values start to rebound a bit by then to make it easier. 
Mortgage payments for the next year
August 30th, 2008 at 01:14 am
August 30th, 2008 at 01:55 am 1220061326
August 30th, 2008 at 03:41 pm 1220110891
Sorry to hear that it is going up, glad to hear that it is a do-able amount. My best friend is in a condo and is now upside down on her loan (took out the minimal equity she had to put in upgrades). It sounds as though you aren't upside down ~ that is a good thing!
August 31st, 2008 at 12:13 am 1220141608
From what i've read, we won't see the bottom of the real estate market til 2nd quarter of 2009. That's becus there are still many no money down or ARM mortgages that haven't reset yet, and once they do, more people will find they can't keep up with the higher payments and they'll be more foreclosures, which will just make the whole real estate market depressed for a longer period.
August 31st, 2008 at 03:31 pm 1220196685