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Reply to "does it make sesne to consider a 5/1 ARM?"
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[quote=Anonymous]Rates are historically low. I'd go for the 15 or 25 year right now. Going for a 5/1 is risky if you are in a tight financial situation. If interest rates rise in that time, your payments could double when you have to get a new loan. When I bought my first house, interest rates were 18 3/4% -- just for reference. Economists will say that generally you will come out ahead with a variable rate mortgage (over a 30 year period). But, going the the adjustable rate when the market is at an all time low just doesn't make much sense to me.[/quote]
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