I'm thinking of doing the 5/1 ARM, not the interest only one. 4.8% and after 5 years can only go up 2% with a lifetime cap of 5%. Hoping to refinance in a year or two to get rid of the PMI. Worst can happen is it goes up to 9.8% in 8 years. I figure it'll save me $500 a month with the chance of going up $1000 in 8 years.
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