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 current conditions.
Generally havent lived in the same place for more than 2 years since college. Although were talking apartments.(first home purchase)
Edit: I got more details today. its a 7/1 ARM with a 2/5 adjustment cap never exceeding 10.375%
5.375% rate first 7 years
7.375 % 8th year
9.375% 9th year
10.375% 10-30 years
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 current conditions.
Generally havent lived in the same place for more than 2 years since college. Although were talking apartments.(first home purchase)
Edit: I got more details today. its a 7/1 ARM with a 2/5 adjustment cap never exceeding 10.375%
5.375% rate first 7 years
7.375 % 8th year
9.375% 9th year
10.375% 10-30 years