Thread: pilot mortgages
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Old 07-05-2017, 11:42 PM
  #80  
konop88
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Joined APC: Jun 2017
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Originally Posted by MartyTHL View Post
I personally would not recommend you do an adjustable rate mortgage (ARM) in the current market. That was a European article but a floating and ARM are the same thing. Rates have been rising and will keep rising but at what speed is the question? By the time your ARM adjusts you could jump from 3.125% to 5.125% and then just keep moving higher. ARMs can be a good deal if you're only going to own the apt for a few years. Here is an older article that does a good job explaining the pros and cons: 30-Year Fixed vs. 5/1 ARM | The Truth About Mortgage.com

If mortgages give you a headaches then don't turn them into migraine by doing an ARM. Just my 2 cents.

I'm not licensed in NY but I'll PM you a lender who is that has a good reputation.

Marty

Thanks Sonny!!
wow thanks a lot! you've just eased my mind
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