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re: 5 year ARM 6% or 30 year loan for 6.875?
Posted on 3/16/23 at 8:29 pm to meansonny
Posted on 3/16/23 at 8:29 pm to meansonny
What do you mean index of the ARM? Not familiar.
Margin of the index?
This ARM is 5 year fixed at 6% the refinance after 5 years to whatever the going ARM is at that branch. 1k$ each refinance at the 5 year mark. Can only use for 25 years combined. Can opt out at anytime if mortgage rates drop and refinance to another bank that has lower 30 year rates or whatever is more cost feasible.
The 6.875 would need me to buy down to get to that at a cost of 1600$.
Margin of the index?
This ARM is 5 year fixed at 6% the refinance after 5 years to whatever the going ARM is at that branch. 1k$ each refinance at the 5 year mark. Can only use for 25 years combined. Can opt out at anytime if mortgage rates drop and refinance to another bank that has lower 30 year rates or whatever is more cost feasible.
The 6.875 would need me to buy down to get to that at a cost of 1600$.
This post was edited on 3/16/23 at 8:32 pm
1
Posted on 3/16/23 at 9:17 pm to shoelessjoe
quote:
after 5 years to whatever the going ARM is at that branc
If you don't know the mechanics of this, then don't take the arm.
You should never sign a contract when you don't know the terms of the deal.
There are very good ARMS out there.
And there are awful ones.
quote:
The 6.875 would need me to buy down to get to that at a cost of 1600$.
If you are contemplating an ARM mortgage at the same time you are contemplating paying down points, then you are all sorts of confused.
You look at mortgages like a dick measuring contest. A fool and his money....
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