Should I get a five year arm if I anticipate to sell my newer home, or wait out the economy?
I have a good interest rate on my newer home. I need to relocate because of commuting. I put my home up for sale. Should I anticipate a sell, and get a five year arm to lower my mortage payment or keep the rate I have because the economy isn't really promising for a house to sell? by jujub_789_980 from Portland, Oregon. Aug 4th 2011
Tom Stevens (Thomas.Stevens)
#21 ranked lender in Massachusetts - 68 contributions
Hi! Normally I would say that an ARM is a good move if you're looking to move within a few years. In this case you won't see enough savings if it sells right away. Aside from that, most lenders will not refinance a home if it's listed for sale, the reason being that the loan might not last long enough to make it profitable.
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