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03-31-2011, 01:46 AM
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Most people who got into trouble (and helped burst the housing bubble) have ARM mortgages. I'd rather lock in a low, constant rate that gives me peace of mind everyday (which is exactly what I did).
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04-09-2011, 06:40 PM
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I went from a 7/1 arm and refinanced for free to another 5/1 arm to a lower rate. We're still planning on moving within the time frame and saving on interest. Long term it still makes sense. Minimizing interest while maximizing our income. On the plus side we refinanced from a jumbo to a normal loan. 4.25% 7/1 arm to 3.5% 5/1 arm. We are set, it caps out at 8.5% in 1 years with a maximum of 2% so it would take 3 more years to max out at 8.5%.
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