1. I know all about it. I have one. 2. You apparently don't read carefully. I never said "Easy Orange is an ARM". (The fact is that it's a 5-year fixed rate with option to renew at the then current rates... and priced like 5/1 ARMs today... only "lower priced". And regardless of the loan's mechanics, it's a big money saver because of the low rate. But it's not for everybody. You have to be financially strong to qualify. And as for the bi-weekly part... it's approximately correct to say that each 2-week payment is 1/2 the normal monthly payment. No problem at all.) So, who's the DUMBASS now?
Aaah ok, The op refinance from the 5/1 ARM to the easy orange. He get the better interest rate compare to his 5/1 ARM from before. So he make the bet in 5 years interest is the same (then he renew maybe?) He save $55,000 of interest in this 5 years. If the interest go up against him, he just pay off the balance because he have the money. So he is safe, and he save so much money in the 5 years.