getting fannie mae ARM versus fixed
first - i know that adjustable v fixed mortgage often depends on length of time living in the home, but i have no idea how long i'll be in the place. certainly not 30 years but very possible it will be more than 10. am i putting myself at major risk going for something like a 7year ARM? by treetolanza7644898 from Bellmawr, New Jersey. Oct 30th 2014
Carlos Figueira (carlosfigueira)
#107 ranked lender in New Jersey - 199 contributions
Rates are VERY LOW currently so I would not recommend any Arm unless you are staying in home for 7 years or less. 3-7 year arms are VERY LOW but just wouldn't make sense if you are looking for long-term security. Please e-mail me to discuss further: carlos@keypointmtg.com
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Fixed rates vs. ARM rates for 7 year can be a difference of up to 0.75% lower in your interest rate. Compound that savings by 7 years, and even if rates are higher, you will most likely have saved enough in the first 7 years to more than offset the potential higher costs in the future years, so it would be beneficial to you.. If you decide to stay put for more than 7 years, you can always refinance.. Looking in your past, figure out how often you move.. if it's every 5 to 7 years, then you should do an ARM.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
Mona Hulteen (mhulteen)
#22 ranked lender in New Jersey - 49 contributions
Rates are low right now. Go for the safety of a 30 year fixed. It is hard to predict what the future will bring.
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