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re: Would you do 7/1 ARM or a 30-year fixed mortgage for a starter home?
Posted on 2/12/14 at 7:45 pm to saintforlife1
Posted on 2/12/14 at 7:45 pm to saintforlife1
You can't predict the future.
ARMs are for retards.
ARMs are for retards.
3
Posted on 2/12/14 at 8:53 pm to LSUAlum2001
I refi'd to a 7/1 ARM in 2012. I'm locked in at 2.875% until 2019, and it can only adjust 2% per year, and 5% max over the life of the loan, so the most I'll ever pay is 7.875%. We plan on moving in the next 3-4 years, so we shouldn't have to worry about the rate adjusting.
If this is a starter home, you more than likely won't be there for 7 years- I'd go for it, and take the opportunity to build some extra equity for your next home.
If this is a starter home, you more than likely won't be there for 7 years- I'd go for it, and take the opportunity to build some extra equity for your next home.
Posted on 2/12/14 at 9:14 pm to LSUAlum2001
Posted on 2/13/14 at 8:16 am to LSUAlum2001
quote:
ARMs are for retards.
Mine adjusts monthly. I'm paying 1.75%.
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