How do people feel about 7-ARM? I am getting 3.75% for 7-ARM vs 4.125% for 30-fixed. I typically prefer 30-fixed, but the monthly p&i will be lower by $300 and closing cost will be $4k lower. Unsure about ARM products, as we all don’t know where the rate will be in a few years…

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Posting as :
works at
You are currently posting as works at

where are you getting 4.125% on a 30 year fixed

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A point. Without point, it would be 4.375

Interest rates will 100% be higher in 7 years. I think the days of free (or very cheap) money are rapidly coming to an end.

likesmart

Yah what “100%” where is your crystal ball.
Another calamity in 5 years —> fed drop interest rates again says my 🔮

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How can you be 100% sure.. 7 year Arm is a good option

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Sorry, that was for pwc1

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I did the arm. 7 yrs is a fairly long time.

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What state are you buying in

CA

I think chances are that rates will be higher in 7 yrs than they are now. Could take a chance with the ARM, but at 4.125% I would go with the fixed.

Arm DUMB when you KNOW rates are going up lots during that time and ballon’s at end can be crippling
Buy what you can afford on a fixed

You should be fine with the ARM. I can see rates dropping down once inflation calms down over the next few quarters and the economy cools off.

And this is exactly how everything felt apart in 2008, with loans like this one.

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