amount nearly every month towards principal. As job situations stabilized and improved, we kept the I/O ARM and made higher extra principal payments. Our rates ranged from 1 7/8% to about 2 7/8% during that time. I don't believe we were ever "under water" in our balance, but we did come close - probably within about 5 to 10% of the loan balance. We just ballooned over to our long-term, PI loan with our rate still below 3%. We may refi if rates start climbing much higher.

Obviously, the I/O ARMs were not that good for a large percentage who had them during mid- to late-2000's but ours was very beneficial and I've never regretted it.