We just signed the contract and will be closing on a condo by the end of May and got either the following: 3/1 ARM: Rate: 4.125 No points No origination fee Free credit report Low fees 5/1 ARM: Rate 4.75 No points No origination fee Free credit report Low fees Is that good? As we are planning to stay for more then 3 years but no longer then 5, we decided (calculated) that it is more worth it to get 3/1 ARM. Also, we are going to pay PMI as we are only putting 5 or 10%. The mortgage is too small to put to much down. Anyone? Fla-tan, I wanted to thank you for all your help but my wife's sister now has a lender who works in our state so I hope you understand
Those rates sound about right for the market. Even better if the mortgage is small. Sounds like you found someone good to work with. Be sure to thank them by sending referals.
