We switched from the national bank to a credit union and got a 30 year fixed rate. The rate went up to 6.0 in the fall of 2006I just went back to night school for a master's degree in accounting and we just had a second child so we were at our wits end about the mortgage.

My wife had quit to be a stay at home mom when I finished my degree and was working full time.Even though I saw my salary increase 25% when I received my degree, I increased expenses and decreased income. In the fall of 2005, the rate went up to 5.5%.Our P&I went up to almost the amount we had paid for everything at the beginning.Our finances were getting tight. The rate was going to increase to 4.5%.It put a pinch on our finances but my wife was doing well and we managed.

It's a good way to start!We thought we were lucky to get into a house in September or October.There was a limit on how much the loan could adjust at a time. My boss worked with a mortgage lender at the bank my wife works at and so we located a property and arranged for a loan with an interest rate around 3.5% when everyone else was paying 4.2%. We were crazy about paying rent for our apartment because we saw properties being bought and sold so often.We wanted to get equity. In 2003 I worked for a real estate agent.My wife was working at a bank and had just finished her bachelor's degree.

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