Should I opt for ARM?

[Bruce2008]

Hello,

I am planning to buy a house and would like to know the benefits and suitability of an Adjustable Rate Mortgage loan. Does any one have any idea?
Thanks in advance!

[waitin_toolong]

dont get ARM these days because the fed rate cut has not affected the mortgage rates in the last few months, with the crisis looming the rates are bound to go up. Half the reason for crisis is multitude of ARMs.

So consider very carefully if you want to go for ARM. If you know that you will be selling the house in 5 years you can go for 5/1 and so on.

[austinchris]

Re:

It is really a great idea to own your own home rather than paying rent every month. I understand that ARM is the same as Variable Rate Mortgage. If it be so then I would suggest you to visit the site www.mortgagepmi.com which maintains a lot of information on the subject and I am sure you would be able to find the answers to all your queries regarding ARM. Just check it out!