Hi there,
Thanks!
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Hey, I used to be stationed at Castle AFB in Atwater! How is the place with the base closed?
As to the 5/1 ARM I would highly advise AGAINST it unless you are absolutely certain that you’ll sell within 5 years.
Stay away from Arms!!!! Seriously, get a 30 year fixed. The interest rates are almost the same and you never have to worry about the rate adjusting. The only way I would ever recommend getting an arm is if you are SURE that you will refi within that time period.
Don’t know the area you are looking in but I do know mortgages, and I do know that Arms are NOT only slightly lower than a 30 year fixed right now, they are A LOT lower. I haven’t seen many people who haven’t refinanced within 5 years anyway, especially if you take 2 loans, your going to want to refinance in a few years once you have built some equity in your property and get rid of that 2nd loan.