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Refinancing to a 7/1 ARM seems like a win/win?
Refinancing to a 7/1 ARM seems like a win/win? Bought a home 2 months ago and was less than thrilled with the 7.25% I got on 30yr from a mortgage broker. Unfortunately I didn't shop credit unions at the time, which is my mistake. My credit union now has a 30 year, 7/1 ARM at 5.875%. This would save us roughly $400/mo. So my plan: If I kept our mortgage payment the same (~2834/mo) as it is at...
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