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Real Estate
Reply to "got quoted for 4.625 percent 30 year fixed loan today (high conforming LTV of 85)"
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[quote=Anonymous]ARMS are different than they were before. There are now caps on how much the interest rate could increase. Back in 2008, payments could just flow up like you wouldn’t believe. And that was only one factor in the whole thing. I’m pretty risk averse, but I can see doing a 10 year ARM. Pretty likely you’d be able to refi to lower fixed rate within 10 years. 3 years or less, maybe not. Agree with PPs, OP is not priced out, just needs to look at slightly cheaper homes. The buyers who were in the budget Band just higher than OPs are also looking at slightly cheaper homes and will probably buy what OP was looking at initially. Maybe fewer bidding wars, but there is so much more demand than supply, and renting is no walk in the park either. Unless there is suddenly a big reversal in supply and demand, prices aren’t likely to fluctuate a lot. [/quote]
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