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5/1ARM based on 40 years?
Hi,
We could not find our dream home. We are buying a home that we are not going to keep it more than 4-5 years. We need $200k loan. So, we are thinking of 5/1 ARM with one point to keep the interest rate as low as possible. Our Mortgage broker's rate is %4.25 based on 30 years. But he is advising to go for the higher rate but based on 40 years which means lower monthly payments. BTW, we are just paying the %20 down payment but have some cash to buy more points to lower the rate but the recovery time would be too long. We would like to hear your suggestions. What's the catch here? Thanks, Al |
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