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ARMs are a risk. Not all are created equally obviously. Subprime loans got us into this mess, and luckily those have been axed. I have a 5 year arm on my B'more house. We didn't think we'd be there 5 years...we were right. It resets next year, and hopefully we will be selling it by then. If we don't, it won't be a tragedy. Even if the rates don't stay this low, we will be able to afford the difference. I will hopefully be closing on a condo in Phoenix next Monday with a 30 year fixed. I agree with Dr. Phil. I'm not messing with a 5 year arm this time. We only have to put down 5% so the equity we have in the property is not enough to refinance later down the line.
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AOII
One Motto, One Badge, One Bond and Singleness of Heart!
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