From: "a425couple" 
Newsgroups: alt.finance.advice alt.org.natl-assn-mortgage-brokers
Subject: Re: What is this kind of mortgage/loan called?
Date: Sat, 13 Jan 2007 17:11:31 -0800

"Noozer"  wrote
> What is this kind of mortgage/loan called?
> So... When I go to the bank what do I ask for?

I normally never wish to be a smart aleck,
but to above question I'm tempted to answer,
"A teaser, to get you off your current wonderful mortgage!"

> I had a friend describe a loan that he obtained from his bank instead of a
> regular mortgage. It sounds like the perfect thing for us, but I'm not
sure
> of it's official name.
> Basically, it's a very large, low interest line of credit. The interest
rate
> floats and I could lock it in at any time.
> We currently have a line of credit with a large limit, several credit
cards
> with high limits (paid off each month), and our mortgage (locked at 4.8%).
> We've got more than $200,000 equity in our home, much more than all of our
> current debts combined.

You are doing very well.
The overall economy is doing well.
But economic cycles (despite many who would wish so)
have not been repealed.
If I am near correct in understanding you have a 15, 20, 25, or 30
year fixed mortgage at 4.8%,  I would definitely keep it.

I will not try to post predicting when, but I'm confident that
at some time of that loan, interest rates will noticably rise.
So in that regard, I agree with Venus.
(Let us all hope we never see 18% mortgage rates again!
Those were kinda grim times.  But likely to see up to 10%.)