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A 5 year may be a good option if it lowers your payments and you only intend to own the unit for so long. If you plan to keep it it long term and you can reduce your payment enough, you may want to keep your existing loan in place. It could prove to e a very solid investment long term at the current interest rate.
Only even consider the 5 year arm if you know deffinately you are going to sell or get rid of the house in 5 years. Rates are rising as we speak, who knows where they are going to be in 5 years. My guess is no where close to where they are right now. Even if you decided to keep the property and refinance back into a 30 year fixed who knows how much your rate will go up, no to mention how much it will rise once the adjustable kicks in. Arms are very dangers and can cause borrowers to loose their homes. You're much safer keeping what you have. If your having major job problems and your house is worth that much, sell it and take the 40k and put a downpayment on another house you can afford!
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