Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Refi: 30 yr fixed vs. 7/1 ARM
We are refinancing our 5% 30 year fixed, and our current options are a 30 yr fixed @ 4.5% or a 7/1 ARM @ 4%. The marginal savings of going to an ARM is about $115 a month.
I am much more risk averse than my wife and have a hard time rationalizing taking on the added risk of a 5% bump if for some reason we couldn't sell in 6 years and the ARM reset. However, we don't think we want to keep this place as a investment property and we plan on being out before the ARM resets.
Has anyone been in a similar situation? Which route did you go?
Re: Refi: 30 yr fixed vs. 7/1 ARM
We have a little different situation. We purchased our new house this past March and got a 4.875% 30 year fixed rate loan. However, two weeks ago our broker called us and said because rates were so low he could offer us a 4.125% 30 year fixed rate for no closing costs (minus a $100 county recording fee). They were able to do this because we have closed with them within 9 months.
You might want to see if your broker has a similar policy.
This. Just because you hope and plan to sell before the rate resets doesn't mean its going to be possible.
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BFP #1 EDD 12/14/12, C/P 4/9
dx: DOR
Clomid + trigger + IUI #2
Everyone welcome.
I would stick with what you already have. a 30 yr 4.5% is not worth changing for and a 7/1 ARM is too riskly with a 5% bump. Best laid plans to move on within a specific time frame have a way of changing.