re: Talk me out of a 7 Year - Adjustable Rate Mortgage loan

Don't quote me on this because I'm not 100% sure but I think I did an interest only arm in 2006 banking on saving the extra money on the monthly note and selling the house with a profit before the higher rate hit. Unfortunately the market crashed in 2008 and my house went from $15k equity to negative $50k real fast. That's the one thing I would worry about is losing all the equity you have built up in your house. Losing that equity may make you have to live in the house longer than you expect with a way higher percentage.