30 year FRM or 5/5 ARM? Which is better?
I would recommend the 30yr fixed rate. With the way the market is, you have no idea where the housing market will be in 5 years. I also would shop around that rate. You may be able to do a little better than what was quoted. You can contact me if you would like another quote. We do not charge any fees to our clients...

Refinance my ARM now or later?
I would definitely look at refinancing. The 30 year fixed rate for an investment home is currently around 4.25%. That rate will depend on the market value and your credit score. We do not charge any fees up front. We only charge fees if the loan closes. So, there are no up front costs and it won't cost you...

I need A Lender that handles Fannie Mae Underwater Properties
If it is going to be a refinance, we need to check if Fannie Mae owns your loan and when they purchased it so we can see if you qualify for the HARP refinance program. If you are looking to purchase, I have a few follow up questions for you. Please contact Nick Rapplean at 678-494-8251.

FHA Streamline
If you are doing a FHA streamline, you should not need an appraisal. They should use the same value as the previous loan. Call me at 678-494-8251 to discuss this further. Nick

Does 5% down conventional mortgage require PMI?
Anything less than 20% down will require private mortgage insurance (PMI). Some lenders do offer, what is called, lender paid mortgage insurance (LPMI). Instead of paying PMI every month, you pay a higher interest rate for this product than a traditional loan with PMI.