No. of Recommendations: 1
JAFO,

I don't know about 10/1 ARMs, but I think AIMLoan often has them.

DW & I will be in our home until 2020 by which time we'll both be 66 and ready to move. Last year we did an interest-only ARM with AIM. It's at a ten-year fixed rate (two and seven-eighths, for about a point or so) which converts to an ARM for the last twenty years (by which time we'll be gone). As you can guess, it slashed out payments to the point where they are less than our property taxes and we use the savings to bolster our retirement savings.

As an aside, AIM was a royal pain to deal with and our loan person was so incompetent we finally had to get a supervisor involved. Apparently something was messed up at our closing and they - without telling us - never actually went through with the loan even though we did a closing. We then had to "re-close" a month later after they got everything straightened out. (They tried to soak us for some additional fees, but I raised hell and they finally credited the amount back to us.)

I would only recommend AIM to folks who are diligent and patient. They are not for the weak of heart.
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