Would you do an ARM loan now?
Asked by
JLeslie (
65743
)
August 17th, 2022
from iPhone
In the US.
Plan on only living in the house 5 years.
What are the pros and cons that you see pertaining to the loan and the state of the economy and the real estate market?
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5 Answers
Conventional then refi in a year !
^^Because you assume rates will be going down?
Y U P !
I’m not a banking guru, but things are turning down already some states have 20% to 30% cancellation on new house buys.
I would only ever sign up for an ARM loan if I had the money available to pay off the full mortgage on a moment’s notice and there was no penalty to do so in the loan.
Rates are not going down and I don’t expect them to in the next year.
I recommend Conventional and refi when appropriate. This keeps you in control versus the lending institution.
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