Word: eysenbach
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Almost from the day they were married eleven years ago, Chuck Dribin and his wife Alice Eysenbach began salting away savings toward a home in suburban Chicago. "But something always seemed to happen," recalls Dribin, 38, a high school speech teacher. "Every time we saved $5,000, interest rates jumped and we needed $10,000." Even with a solidly middle-class income (now $40,000 between them), Dribin and Eysenbach, 39, a part-time teacher and actor, wondered whether they would ever be able to unlock the door to home ownership...
...Dribin. "The bathroom's miniature, and the whole place is smaller than our apartment." To finance the deal, the family took out a 7.75% adjustable-rate mortgage that can jump as much as 2 percentage points a year if interest rates move up rapidly. "It's a little chancy," Eysenbach concedes, "but as the kids get older, I'll be able to work and earn more. As it is, this was the only way we could hope to buy a house...
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