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Old 10-01-2013, 05:20 PM
 
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Quote:
Originally Posted by thelopez2 View Post
It is there an HOA, once completed would it fall under current conforming guidelines? Other than value, would there be any reason you can't refinance it in the future? Are questions you should find the answer for.
I don't plan to be there that long, but there is nothing prohibiting me from refinancing should circumstances change.

Interestingly, today I found a 3/1 ARM for the same rate as the 1/1 ARM I posted above (2.75).
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Old 10-02-2013, 08:19 PM
 
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Quote:
Originally Posted by NC_Paddler View Post
I don't plan to be there that long, but there is nothing prohibiting me from refinancing should circumstances change.

Interestingly, today I found a 3/1 ARM for the same rate as the 1/1 ARM I posted above (2.75).
rates just dropped compare to last week and I think we will see rates going down even futher
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Old 10-03-2013, 12:57 AM
 
Location: Kansas City North
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One thing to find out is what method is used to determine the adjustment. The mortgage may have an initial "teaser rate" and in year two may go up to 4.75 even if interest rates stay the same. IMO, a 1/1 ARM makes sense when interest rates are in the double digits, but not when rates are low like now. If you are sure you're going to move in a few years, I'd consider the 5/1 if the difference in payment is significant.
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