What are the cons and pros to ARM adjustable mortgage rates?
I was offered a adjustable rate and teacher incentive to be 6.3 instead of the 7.3 for 7year. We plan to refinance when possible before the 7years. Why are arms frowned upon? Can someone explain to me the “principle” difference and what the catch is? Wouldnt it make sense to do the adjustable rate knowing we will refinance ?
What are the cons and pros to ARM adjustable mortgage rates?