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badmunchkin · 07-15-2005, 12:50 PM

I'm about to buy my first home. Question, for the homebuyers, is your mortgage a fixed or adjustable rate?

My bank said they can offer me an ARM that obviously will have a way lower rate then a fixed rate, I'd only be paying interest in the beginning but that my rate would be locked in for 5 years (so apparently no change in monthly payments even if interest rates skyrocket). I plan on selling the house in under 5 years, I'll live there temporarilly but it's basically an investment property.

Given this situation, would you go with the ARM or fixed rate mortgage?

07-15-2005, 12:50 PM
badmunchkin Confirmed User Join Date: Feb 2003 Location: Los Angeles, CA Posts: 3,797	Question for the Homeowners: Fixed Rate or Adjustable Rate Mortage? I'm about to buy my first home. Question, for the homebuyers, is your mortgage a fixed or adjustable rate? My bank said they can offer me an ARM that obviously will have a way lower rate then a fixed rate, I'd only be paying interest in the beginning but that my rate would be locked in for 5 years (so apparently no change in monthly payments even if interest rates skyrocket). I plan on selling the house in under 5 years, I'll live there temporarilly but it's basically an investment property. Given this situation, would you go with the ARM or fixed rate mortgage? __________________ Custom, Full Color Printing with BIG Discounts for GFY! ICQ 283197499