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Home loan: am I dumb for turning down a 5/6 ARM in favor of a 30-yr fixed?
Home loan: am I dumb for turning down a 5/6 ARM in favor of a 30-yr fixed? Hi all, I just need some public feedback because my head is spinning. My CU is offering a 6.625% 5/6 ARM or a 7% 30 year fixed. 23% down at the moment. Underwriter has me conditionally approved and I'm pretty much good to go. Home was appraised at the accepted offer price. I was initially drawn in by the ARM. I'd save about 120$ a month (~1440 a...
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