I bought my townhome almost 2 years ago with a 5yr-ARM fully aware that after five years I will be subject to the market. Personaly, rates were so low I considered a 30-yr fixed but the likelyhood of me staying in my townhome for more than 5 years if really low (first home, I will outgrow it, and my company tends to move me every 3-4 years)I dealt with several brokers and found out that I knew more about lending than some of them just by researching the web! Needless to say the broker that won has been in business for 30 years and understands that markets change.Bottom line - do your research and understand terms and conditions fully. Too many people just sign, sign, and sign during closing without understanding the paperwork. I agree with personal responsibility!
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