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Rule of thumb -- when the bank calls...

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hakrjak

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Over the past 8 years of being in this business, I've noticed a peculiar trend with sales calls from my banks and mortgage lenders.

When your bank calls you each month and tries to sell you on converting your ARM to a fixed mortgage, chances are you've got a pretty good deal with the ARM....

When the bank calls you each month, and tries to sell you on converting your FIXED mortgaged into an ARM, and take some cash out -- chances are you're doing really well with your fixed.

I guess my rule of thumb is that you should always do the exact opposite of what the bank wants you to do, and generally you'll be ok ;) It continues to shock me how blatant these people can be.

I just got off the phone with one, trying to sell me on converting my ARMs to fixed. They seemed shocked when I responded, "Why would I want to do that? I'm predicting that rates will keep easing ror the next 6-12 months atleast... I'm in a great position right now with my arms!"

Oh well... I guess they've got to scam money from their customers somehow ;)

- Hakrjak
 
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Djiist,

- Jelskel
 
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