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Found a place, now how to afford it.
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<blockquote data-quote="TexasBred" data-source="post: 758876" data-attributes="member: 6897"><p>There is always risk with an ARM. Consider your beginning point. If you begin with a very low interest rate chances are that the rate can only go one direction and that is UP. If it begins high as was the case 20 years ago about all it could do would be to go down. Right now I'd say the chances of an ARM being renewed at a lower rate in 5 years would be slim at best. Rates in general even on fixed rate loans are still good....lock it in and live with it. Make a long term loan in order to get contractual payments low but then make payments based on a much shorter amortization. If money gets tight you can always drop back to the contractual payment.</p></blockquote><p></p>
[QUOTE="TexasBred, post: 758876, member: 6897"] There is always risk with an ARM. Consider your beginning point. If you begin with a very low interest rate chances are that the rate can only go one direction and that is UP. If it begins high as was the case 20 years ago about all it could do would be to go down. Right now I'd say the chances of an ARM being renewed at a lower rate in 5 years would be slim at best. Rates in general even on fixed rate loans are still good....lock it in and live with it. Make a long term loan in order to get contractual payments low but then make payments based on a much shorter amortization. If money gets tight you can always drop back to the contractual payment. [/QUOTE]
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Found a place, now how to afford it.
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