Considering to buy a condo with SO and wondering which mortgage product to use.. Came across 7year arm with 2.5% rate which sounds pretty low. Anyone know pros and cons against traditional 30 yr mortgage? we are more than likely to live in this place for 5-7years and possibly renting out afterwards.

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That seems high for an ARM. You can get a 2.625% 30 year fixed right now assuming you have great credit. Agree with the post above as well.

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If you’re planning to keep it, get a fixed rate mortgage. You don’t want to worry about the loan payments ballooning in a few years. And since you’re buying it as an owner occupant, you’ll be able to get a better rate now than if you’re trying to refinance when it’s a rental.

I thought the same thing when I bought a property ages ago on an ARM for myself, but ended up renting it out after moving for work. Ended up refinancing it when rates started moving. Even you’re remotely considering renting it after moving, I think fixed is a better option. I doubt rates will get lower than they currently are so locking that in seems like your best option.

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