[goldstategop]

Many people get ARMs because of the low payment. What they don't realize is the loan terms reset every so often and the monthly payment goes UP. An ARM may make sense if you're planning on moving in five to seven years. But if this is your lifetime home, you want a fixed, period.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

[dfwgator]

Eventually an ARM becomes an ARM AND A LEG.

[Phantom Lord]

What they don't realize is the loan terms reset every so often and the monthly payment goes UP

That is true today. But no true for the previous decade. ARM resets saw payments going DOWN.