pepe

Wall Street Breakfast: Must-Know News

I don't understand the problem. I bought two 3br, 2ba, 2ga, 1450 & 1550 SF condos for $121,600 & $132,600 respectively in a gated community within 2 miles of Caesar's Palace (Las Vegas) in 2003. Within 18 months I sold the $132,600 condo for $235,000 which had no mortgage. The $121,600 condo which I still have as a rental unit has a $97,000 HELOC ARM interest-only mortgage which originated at 4.25% tied to the prime rate. When the adjusted rate climbed to 8.5% due to FOMC action I called the lender bank and they immediately agreed to lower the rate to 7.5% starting the next day with no doc and no fees. My FICO is 857. Today, with the Bernanke FOMC rate reductions I am at 4.77%.
Am I living in another world?