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I compared a 30-year fixed to a 5/1 ARM on the same house in Phoenix
After running the numbers on a $350,000 loan the 5/1 ARM beat the fixed rate by $200 a month and I will be out of here in 4 years anyway, so why would anyone pick the 30-year fixed if they know their timeline?
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tessa_kelly1mo ago
Bought a truck with a similar plan once and ended up keeping it 8 years.
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jenny5801mo ago
Tessa's right, life has a way of throwing off the best laid plans. The ARM is only a deal if you actually leave, otherwise that rate adjustment can really sting.
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