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Is 10 yr ARM or 30 yr fixed better right now? (1st time getting a mortgage)

I own home & am taking some money out. The options from Quicken are a 30 yr fixed (@ .75% higher than a 10 yr ARM that also qualifies me for $25k more). It's my first mortgage so we need some clarity.
Other thoughts:
What if I decide to buy a different house later - is our only option a bridge loan?
What if I die - is my husband then responsible for this loan?

Anything else I should be thinking of?
Thank you! Just a bit overwhelmed.
  • June 27 2013 - US
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Answers (1)

I would talk to some local lenders before hooking up with Quicken. I have heard nothing good about them.

As far as who owes on the loan, that depends whos name is on it. If both of you, then you both would be responsible no matter which is alive to do so.

I don't understand what you mean by it allows you $25k more -- more what? More loan? If they are encouraging you to go the ARM route then it must be a better deal in their opinion. Most people don't stay in a house 10 years, but what if you do? That rate will be going up. Be sure to ask what the yearly cap is and the overall cap is on the ARM.

If you buy another house you have to sell or get a bridge loan.
  • June 27 2013
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