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JLeslie's avatar

Would you do an ARM loan now?

Asked by JLeslie (65197points) 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

Tropical_Willie's avatar

Conventional then refi in a year !

JLeslie's avatar

^^Because you assume rates will be going down?

Tropical_Willie's avatar

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.

gorillapaws's avatar

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.

Forever_Free's avatar

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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