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Subject:  Re: real estate Date:  2/10/2004  3:43 PM
Author:  BigArb Number:  39114 of 102710

In my opinion, ARMs can be a great vway to go. Most people refinance or sell there home between 3-7 years, so that ffixed rate really didnt do them any good. I am in the business and have seen people pay points to get a low fixed rate mortgage and come back 6months later to get a lower fixed rate mortage. Im on a 5 year balloon myself. I know in 5 years I will refinance to get out of pmi or move and sell my home. The banks want you to get a fixed rate mortgage because they make the most money that way and statistics show that very few people stay in a 30 year mortgage. If you are living in your dream home without paying pmi then it is definatly worth getting a fixed mortgage. It really depends on your personal situation. Oh yeah, ARms have caps to show you what the highest rate possible is. Way out your options.
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