If we are moving is 5-1 better

Only you can answer that question.. the rates for a 5/1 ARM are pretty good.. But if you know for sure you will be moving in the next 5 years, then absolutely a 5/1 would be best.. even if you're not sure, and you end up staying 6 or 7 years, you still might be better off because of the savings you obtained in your first 5 years.. but what to do is really up to you. Try sitting down with a local mortgage broker and let him put together several scenarios for your consideration.. the more accurate info you have the better.. 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 NMLS# 226347

i agree with William. Rates are good for 5/1's right now and the savings may offset any increase you might have if you stay a couple extra years. You might also want to compare the 5/1 to a fixed rate program as it's hard to predict the future of rates in this economy. We are a mortgage brokerage in Langhorne, Pa just outside Philly. I'd be happy to chat with you and learn a little more about your concerns and do some comparisons for you based on your needs. My office number is 215-741-3131 and our website is www.NetEquityLoans.com. Please feel free to call at your convenience. Thank youMike KohlerNet Equity Financial

It really depends on what you think your situation will be. And what your current 7/1 rate is. Your current rate when it adjusts may be lower than what it was 6+years ago. If you do not think you will be in the house for another 5 years then that would be sufficient. But again this is something that you need to try and determine.