Cash out refinance - 5/1 ARM, 7 or 10/1 ARM?I currently have a rate of 5.375 on a 15 year fixed that I have 60% equity in the condo. My credit score is 689. I want to do a cash out refinance in my name (i bought the condo as a single lady and my income will be going down next year when I quit my job to be home with the baby so I won't qualify then) We will use that money for a downpayment on a house in the next year or two (my husband has the better credit score and income so he will buy the house in his name) and then rent our condo for a few years until the market bounces back (unless we find a good renter and maybe keep it as an investment for a few more years) . I don't know whether to get a 5 year ARM for 4.5% or a 10 year ARM for 5.0% (or maybe plan on keeping it as a rental property and get a 30 year fixed for 5.25%. I know this isn't the best financial plan but I know we won't be able to save enough for the downpayment and we really need to lower our monthly payments by a couple hundred dollars right now. Which refinance should we do? ARe these good rates with my credit score? The loan amount is for 106,000.Thanks for your help! May 04 2010 - Nashville0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.