wasmick: "If I had a nickel for every friend/client/colleague who insisted that they must have a 30 yr FRM and that they would hold that loan for at least 12 years (which is about how long you need to hold it to make it the best option vs. a 10/1) and then refinanced or paid off that loan within 7 years, I'd be a very rich man."Who routinely offers 10/1's? I usually see 5/1 or once in awhile, 7/1.And does recovery period not depend upon the initial lock time, the spread between the fixed rate and variable rate at the time of locking/closing the loan, and the caps applicable to the variable rate loan?Regards, JAFO
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