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That’s a painful lesson!
High Risk “ARM” loans are always a bet that interest rate drops or your credit/income drastically improves… sometimes you lose that bet.
Any broker suggesting an ARM in 2019 may not be a “crook” but they’re more than a little shady – that an awful year to suggest an ARM… especially if this was not very clearly explained.
The right time to refinance would have been a year ago when it was completely obvious what was about to happen. It’s way too late now… rates may not drop back to 4-5% again for many years.
Weirdly, right now is a decent time to consider an ARM – but again, they’re terribly risky – you have to be willing to lose, and potentially lose big.