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I need some advice, a 5/1 adjustable or 30 year fixed.....

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June 28 2011 - Virginia Beach
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Answers (10)

5733bambam,
Thanks for coming back to post again, you are welcome, Welcome to VA!
Best of luck in your new home and neighborhood.
Jim, American Bank
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July 04 2011
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Thank you everyone!! We really do not know how long we will live in the house but we still have a home in Michigan that is on an adjustable rate...great now for payment but bad because the home is upside down...in addition, the home is a forclosure and we will have aboout $30,000 in equity once we sign.....

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July 03 2011
How long do you plan to live in the home?
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July 02 2011
At rates this low you might look at a 15-20 year fixed. I put a 15 year an my ranch house, rented it and purchased a 2 story near the beach.Then the beach house becomes part of my retirement for the future.
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July 01 2011
The interest rates are very low on most fix rate loans so this is your best loan.  Remember fixed rate historicslly like to live in the 6% + range, so if you are getting  a rate in the low 5's or under 5 this is very good.  5/1 and  7/1 Year ARM loans may have a lower payment now, but one thing is for sure once the loan adjusts 30 year rates will not be as low as they are now so you payment will be going up most likly 2 points.  We highly recommend borrower buy with a fixed product.  We also recommend borrowers look at 20 and 15 year fix rate loans. You will save a huge amount of money in interest.

As far as renting v buying you really are not going to find a better time to buy.  House prices are great nad rates are very low.
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June 29 2011
Profile picture for the_country_hick
If you know for a FACT that you will be in your house for less than 7 years rent it instead. There is no downside to renting and a potential for a loss by buying. It takes about 7 years to break even buying at the same monthly payment compared to renting in a flat market. If prices fall more you would take longer to break even.


The ARM is a financial suicide machine. Many who lost their house lost it because an ARM reset to a new higher monthly payment. Why take the risk when you can get a safe fixed rate mortgage or rent instead?
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June 28 2011
Answer it this way.  Is your income going to go up when the interest rate goes up?  That is something you really need to consider.  Interest rates are so low right now.
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June 28 2011
It really all depends on what your future hold for you. If you know for a fact that you will be in your home less than 7 years I would utilize a 7/1 ARM and take advantage of the lower rates. But like I said, it depends on your time line to hold the property.
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June 28 2011
If you are going to be in the home 6 years or less, the ARM is king. If there is any doubt, 30 year fixed is best!
Good luck whatever you decide!  Jim
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June 28 2011
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Personally, I would not do a 5/1 with 30 year rates as low as they are. It seems to me that you risk resetting at a much higher rate and I think that most people benefit from the stability of a longer loan term.

Is there a specific reason that you would consider a 5/1?
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June 28 2011
 
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