Portal Forum General General Discussion Home Ownership Reply To: Home Ownership

#153717 Quote

    So as we plan for buying a home in the next year or so, I’ve been looking at mortgage types, and am curious:

    What are the downsides to starting with a 5/1 ARM or 7/1 ARM then refinancing in 5 or 7 years? If cash flow for the next 3-6 years will be a problem, but then will jump pretty significantly, wouldn’t 5/1 or 7/1 be appropriate for purchasers like us?