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re: Anybody use an Adjustable Rate Mortgage?
Posted on 3/15/17 at 10:49 am to UpToPar
Posted on 3/15/17 at 10:49 am to UpToPar
I would never do an ARM for a refinance, doesn't make sense. The cost of refinance is going to be about $3000 most likely, and you will barely make that up in 5-7 years in the saved interest. Add in the risk of the rate going up if you decide to hold onto the house it doesn't make sense at all. A ton can happen in 5 years, you easily could decide to stay and at that time the ARM won't make sense either.
ARMs are best for the initial purchase on investment properties you'll pay off in the life of the ARM or for times you know for a fact you will be moving or selling in that time like military or other job assignment.
ARMs are best for the initial purchase on investment properties you'll pay off in the life of the ARM or for times you know for a fact you will be moving or selling in that time like military or other job assignment.
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