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Reply to "does it make sesne to consider a 5/1 ARM?"
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[quote=Anonymous][quote=Anonymous]Also think about the 5/5 ARM from PenFed. Much better than the 5/1 and the point where the 30-year becomes a better option at current rates is about 10 years out, even if the rate jumps the maximum 2 some points at the 5 year mark. Since many people don't stay in their house 10 years anymore, this is a good option.[/quote] PP is absolutely correct. Go with this type of instrument because the odds are that you will move within 10 years and at worst you will end up paying 2% more than whatever rate you start with on a 5/5 ARM. No point in locking into a 30 year fixed rate no matter even if the rate is historically low unless you are sure that you will not move in the next 10 years.[/quote]
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