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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.
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