Quote:
Originally Posted by Murlo26
Basically he said at year 5 I would want to refinance.
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To me this is like gambling in some ways. To many variables could change within the 5 years. For example, lets say housing market goes under even further and your upside down on your house. Refinance will not be possible without an appraisal and such (unless something like FHA streamline comes out)
Also, if interest rates are almost at an all time low right now, they are probably only going in one direction (up). So when you refinance in that 5 years when they bump your ARM up, you're at the mercy of the current rates.
Lots of variables come into place with ARM versus fixed. Just my .02 cents
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