Reply #10: When I sought to lock in a rate 11 years ago [View All]

[Warpy]

as I was beginning the house search, the lender really pushed an ARM at me, "You can get a much better house! Rates can go down!"

Since the sales pitch was rising to a crescendo, I started to gather my papers and put my coat on, ready to leave. They stopped in mid crow and got more realistic and suddenly found an FHA mortgage that was almost as cheap as their ARMs.

It's really sad that they don't teach this stuff in schools, along with balancing checkbooks and making change without a computer. Ignorance can and will bite you in the arse eventually.

I've often felt like developing a curriculum and opening a School of Hard Knocks, teaching a three month crash course in life skills. I might get rich quick!