Fixed Rate or ARM?We purchased our property about 2 years ago using a 30-yr fixed rate FHA loan at 4.25%. We now have 20% equity in the home and want to refinance to get rid of the dreaded PMI (currently about $600/month). Our credit is excellent (above 800, already pulled by banks). We are looking at 30-year fixed $575k loan quoted at 4.375%. It essentially would remove the $600 PMI but no other savings. The 5/1 is being quoted around 3.25%-3.5%, depending upon points. An ARM would save us about $1000/month. We really don't plan on staying more than 5 years, but I am apprehensive about doing an ARM due to the uncertainty after 5 years. Any advice?September 26 2013 - US00YesReport 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.