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Almost all ARM's have caps to how much the rate can change the first year. So a $200,000 mortgage at 5% (P&I $1,073.64) should have a first change cap of 2%, so you're now at 7% (P&I $1,330.61). Yeah it went up $250, but it shouldn't break you.
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"My dog is usually pleased with what I do, because she is not infected with the concept of what I should be doing."
Wisconsin Reef Society Founder
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