Considering a 10 yr ARM over a 30 yr fixed mortgage.
ARM around 3.13% vs 3.875% on a 30 yr fixed.
Would like to tear down and rebuild in 10 yrs so timing would be right.
Any thoughts on ARMs? Any horror stories? Been reading on them and sounds like as long as you understand margin, index, initial year cap, max cap, etc., you can save quite a bit of interest, pay down more principle, and have lower monthly payments. Any advice welcome and appreciated.
ARM around 3.13% vs 3.875% on a 30 yr fixed.
Would like to tear down and rebuild in 10 yrs so timing would be right.
Any thoughts on ARMs? Any horror stories? Been reading on them and sounds like as long as you understand margin, index, initial year cap, max cap, etc., you can save quite a bit of interest, pay down more principle, and have lower monthly payments. Any advice welcome and appreciated.