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Thanks guys,
after numerous discussion (including guys on money radio show), loan brokers (never heard of that!), internet search (newspaper articles, chat boards, etc), your input, we decided to bag it. Now to get back our docs & check for credit report (something I wish I did not). Some things I did not like was the guy admitting the teaser rates on the postcard was not real ("it's there to get you to call us"), lack of hard copy info sheet summarizing everything ("I don't have any thing to give you but my word"), high pressure ("I have to take a check TODAY for that credit report & your orinigal docs") and unable to give refences for other happy people that been working this program for years ("we just don't do that") we said too much STRESS and uncertainly of the future (that ARM can run to the moon)- FORGET IT!!
We will pay off the 70k 2nd and get on with 300k first at 7 3/8 fix. Thanks all,
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