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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?
Fixed rates are at historic lows so there really aren’t any advantages to ARM loans right now. Our company closed over 80 loans last month and zero were ARM loans. PM me if you want more info.