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@faithhopelove13 thanks for the reply that is how this ARM I was offered is structured. 7/1 after 7 years the rate can adjust 1 time annually and can never exceed a 2% increase. I also feel like the possibility of me not being in the home in 7 years is relatively high.

Looking to purchase a home. Best rates i have been offered for conventional is 6.5% Local credit union is offering a 7/1 arm starting at 5.375% The estimates show about $250 difference in monthly payments. Extra details: 32 years old work in IT. I expect my salary to nominally increase under...