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[quote=Anonymous]Lot going on here. You won't be able to jump out of PenFed's 5/5 ARM to a fixed and back to a 5/5 without incurring a huge amount of costs. Most "no closing cost" loans require you to stay in the loan for some minimum period of time (typically 3 years) or pay them. And, that 2.5% 5/5 PenFed product you will notice now costs 1 point, which means you'll have to pay $7,150 right off the top to get back in the loan. Also know that if you cash out to pay off other debt, that interest is no longer tax-deductible. Personally I'd stay in your Pen/Fed and just hack away at your student loans. Or, sell you house and buy something cheaper if you cannot afford your lifestyle.[/quote]
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