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Reply to "does it make sesne to consider a 5/1 ARM?"
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[quote=Anonymous]If you're worried about the monthly payment amount, do a 30 yr fixed. PP is right, interest rates are low now and probably only going higher. In five years if you have more income to throw at the mortgage you can refi to a 15 yr or just make extra payments if interest rates are too high to make a refi worthwhile. The reason a ARM is "less expensive" in terms of the monthly payment is that the bank has transferred some of the risk onto you. They can increase in the interest rate in five years so it's less risky for them than a 15 or 30 year fixed. For a mortgage you really want to minimize your OWN risk, not the bank's risk. Besides, if things are so tight that the payment on a 30 yr fixed is not "flexible" enough, you're not ready to buy. [/quote]
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