What should I do with the savings from my ARM reset ?

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Submitted by FormerSanDiegan on September 3, 2010 - 7:50am
Apply the savings to extra principal payments
33% (5 votes)
Save the extra money in cash for future rate hikes
40% (6 votes)
Increase the contributions to retirement plans (IRA, 401k)
7% (1 vote)
Increase the contribution to college savings plan (e.g. 529)
7% (1 vote)
Buy a new Nissan Leaf
13% (2 votes)
Total votes: 15
Submitted by FormerSanDiegan on September 3, 2010 - 7:53am.

The 5/1 ARM reset in September at a rate of 3.5% on 600K.
Old rate was 5.625% (original balance 650k)

Monthly reduction in payment is ~ $740

Submitted by enron_by_the_sea on September 3, 2010 - 8:00am.

How long are you planning on staying in this place?

Assuming it is for a while, how about using a few month's savings to buy an insurance policy - refi into ~4.125% 30-year fixed...

Uncle Ben will not be so generous forever!

Submitted by NotCranky on September 3, 2010 - 8:33am.

This reminds me....what am I going to do with the $100 per month I got from my Wells Fargo freebie?Pay library fines on those Suze Orman videos I never watched? I might pull my second pickemup truck out of the weeds and put new tires on it. Go to Robertos a couple of times a month? Hmmmm.

Submitted by Coronita on September 3, 2010 - 9:12am.

How about refinancing into a 15 year fixed ?

Submitted by Coronita on September 3, 2010 - 9:13am.

Russell wrote:
This reminds me....what am I going to do with the $100 per month I got from my Wells Fargo freebie?Pay library fines on those Suze Orman videos I never watched? I might pull my second pickemup truck out of the weeds and put new tires on it. Go to Robertos a couple of times a month? Hmmmm.

Fill up your Ford Excursion/Extinction

Submitted by NotCranky on September 3, 2010 - 9:19am.

flu wrote:
Russell wrote:
This reminds me....what am I going to do with the $100 per month I got from my Wells Fargo freebie?Pay library fines on those Suze Orman videos I never watched? I might pull my second pickemup truck out of the weeds and put new tires on it. Go to Robertos a couple of times a month? Hmmmm.

Fill up your Ford Excursion/Extinction


It's an F-250. Best investment I ever made :).

Submitted by Coronita on September 3, 2010 - 9:43am.

Russell wrote:
flu wrote:
Russell wrote:
This reminds me....what am I going to do with the $100 per month I got from my Wells Fargo freebie?Pay library fines on those Suze Orman videos I never watched? I might pull my second pickemup truck out of the weeds and put new tires on it. Go to Robertos a couple of times a month? Hmmmm.

Fill up your Ford Excursion/Extinction


It's an F-250. Best investment I ever made :).

Please say you have a turbo diesel. If so, type to get upgrade your turbo....I'm serious.....I'd like to see more F-250's like this...

http://www.youtube.com/watch?v=xfhAL1IY4...

Submitted by NotCranky on September 3, 2010 - 10:14am.

Actually thinking about trying to find my first pick-up and buy it back. It was a stock(except for the missing parts) 1985 nissan hardbody.

Submitted by outtamojo on September 3, 2010 - 11:52am.

I gave Greenspan all the grief a little guy could give all over the internet about his recommendation of adjustable rate mortgages - it's lookin like he was right after all and I was wrong : (

Submitted by sdrealtor on September 3, 2010 - 2:17pm.

Thats not possible! Didn't you hear that all the ALT-A buyers are going to be toast at loan reset;)

Submitted by Coronita on September 3, 2010 - 2:20pm.

sdrealtor wrote:
Thats not possible! Didn't you hear that all the ALT-A buyers are going to be toast at loan reset;)

Lol......

Submitted by bearishgurl on September 3, 2010 - 2:39pm.

flu wrote:
sdrealtor wrote:
Thats not possible! Didn't you hear that all the ALT-A buyers are going to be toast at loan reset;)

Lol......

If that's the case I'm going to put in an order now to pop up med-well and be covered in butter and raspberry jelly ;=)

Sincerely,

B.G. Toast

Ms. Bearish G. Toast
Sr. Non Alt-A Borrower

Submitted by Aecetia on September 3, 2010 - 3:05pm.