by Karma » January 25th, 2023, 7:17 am
Seems like I may be looking to purchase a house, now that prices are settling down, and my "starter" home options are not so insanely priced (I've seen them bumping down 10-20% in my area, and seems I can even offer below asking still). Based on my willing to put a 20% down payment easy, would a 5/1 ARM make sense? It seems I would be able to cut down the initial payment schedule for the first few years, and by that point reevaluate if I need a new home due to life events or may pay down more aggressively depending on future interest rates. Are there any pitfalls I should be aware of?
Seems like I may be looking to purchase a house, now that prices are settling down, and my "starter" home options are not so insanely priced (I've seen them bumping down 10-20% in my area, and seems I can even offer below asking still). Based on my willing to put a 20% down payment easy, would a 5/1 ARM make sense? It seems I would be able to cut down the initial payment schedule for the first few years, and by that point reevaluate if I need a new home due to life events or may pay down more aggressively depending on future interest rates. Are there any pitfalls I should be aware of?
