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JW,A 5/1 ARM is a 30 year amortization with the first five years at a fixed rate.http://www.freddiemac.com/corporate/buyown/english/mortgages/what_is/adjustable_rate.htmlWith 30 year fixed rates as low as they are today, there is minimal advantage and considerable risk. Unless you are so very positive you will not own the property for more than 5 years. Regardless of your equity position. I perform a large percentage of jumbo loans. A 5/1 was very popular in the past. Now, most of my borrowers choose a 30F, due to the low fixed rates. Even with high dollar amounts, most folks would rather not take the risk. .... Happy funding, Rudi
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