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10/1 arm

Started by NYC10007
almost 16 years ago
Posts: 432
Member since: Nov 2009
Discussion about
Just got quoted 3.875% on a conforming 10/1 ARM, with no principal payment penalties. I had only considered 30 year fixed, until now. Seems to me that if you're disciplined and are heavily bonus compensated, this is a great way to keep down monthlies, and make an annual principal payment when the money comes in the door rather than having to front the monthly nut. Yes, a million things could go wrong, but this is incredibly enticing...
Response by 007
almost 16 years ago
Posts: 195
Member since: Nov 2008

Can you share more info? size of loan, bank and points.

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Response by Riversider
almost 16 years ago
Posts: 13573
Member since: Apr 2009

10/1's are popular with mature people of means who know they will pay off the loan or move before the term is up. If this sounds like you, then go for it.

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Response by NYC10007
almost 16 years ago
Posts: 432
Member since: Nov 2009

Loan size exactly $729,750, 30%+ down on a condo in an established building. Said no points, but this was all just verbal, so not sure how the whole package looks. Wells Fargo...

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