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Reply to "does it make sesne to consider a 5/1 ARM?"
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[quote=Anonymous]DH and I have a 21 month old, and are hoping to have one more (currently trying). We currently live in a place with a standard 30 year fixed rate mortgage but are considering selling and moving. My dad, who passed away right when we were buying our place 5 years ago told me to always just stick with a fixed rate mortgage--15 years if possible, if not then 30 and not "play games." I respected my dad's judgement and wisdom a lot, but consider myself a pretty financially savvy person. We are thinking about looking at 5-year adjustable rate mortgages when we buy because we figure in 5 years at least the older child will be out of full-time daycare and we'll only be paying for aftercare, and hte other one will be all way out. We would try to refinance then anyway, but worst case we'd have some more flexibility in our monthly budget. We think this might be the way to get a little bit more house in the area we want. Does this make sense? [/quote]
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