MitsuStyle - View Single Post - Refinance

**Murlo26** · 08-15-2013

So talking with my mortgage guy he is pushing me toward an ARM and I can get a rate of around 3% for 5 years and he said it has a cap of 2%. He says he has been doing ARM's for the past 12 years and the average is way ahead of if he would've done a fixed rate.

Anyone have any experience in this? This is a friend of the family too so not a stranger but it seems like a no brainer the way he is setting it up.

My mortgage will drop almost 300/mo if this goes through.

08-15-2013	#1
Murlo26 Join Date: Dec 2009 Location: Lino Lakes Drives: 17 Honda Accord Posts: 4,041	Refinance - ARM? Thoughts.... So talking with my mortgage guy he is pushing me toward an ARM and I can get a rate of around 3% for 5 years and he said it has a cap of 2%. He says he has been doing ARM's for the past 12 years and the average is way ahead of if he would've done a fixed rate. Anyone have any experience in this? This is a friend of the family too so not a stranger but it seems like a no brainer the way he is setting it up. My mortgage will drop almost 300/mo if this goes through.