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Are 10/1 ARM loans a good idea right now?


Just received a Loan Modification from Wells Fargo and they are offering me to lower my interest rate in my mortgage from 6.875% (current rate in a 30 year fixed) to 4.625%, BUT in a 40 year fixed? Is this really an option? I personally am having heart burn thinking of the 40 years...I for sure won't be around to see my home paid off. I would like to keep my home loan to a 30 year fixed, but see the interest rate lowered from what I currently have. Any suggestions? Is a 40 year loan at all helpful?Going from the 30 year fixed to a 40 year fixed only dropped my monthly payments from $2,518 to $2,116… Angel.