trying to decide between locking in on a 30 year fixed or a 7/1 ARM. Ive got 20% on the down payment so no PMI.
Thoughts?
trying to decide between locking in on a 30 year fixed or a 7/1 ARM. Ive got 20% on the down payment so no PMI.
Thoughts?
I think they possibly start rising in June, slowly. Thing is, if you can get a 15 year at 2.6, do you put 20% down (rate is less than inflation)? If so, why? You can get a 30 year fixed rate, right under 3.5. That is with only putting 5% down. Id think hard about just putting that down and paying PMI for 8 years. I mean, you're getting cheap money. Just something to think about.Quote:
Originally Posted by angusyoung
Fact is, they cant go any lower really. I think everyone will agree with that.
Edit - Id stay away from ARM
I'm definitely no expert, but I think it would be completely insane to go with an ARM. I see virtually no chance of mortgage rates 7 years from now being lower than they are today. As Ennis said, the rates really cannot get any lower.Quote:
Originally Posted by angusyoung