5/1 arm vs 15 year fixed

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Understanding a 30 year fixed rate mortgage vs. 5/1 ARM is the key to selecting the best mortgage option for your situation. There are advantages and drawbacks to both of these home loan options, but with a concise breakdown of the pros and cons of each, you will become more educated and better prepared to choose between the two.

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Should you choose a 5/1 ARM or a 15-year fixed-rate mortgage? The benefits of a 15-year fixed include a low interest rate and savings in the long run, while a 5/1 ARM boasts low monthly payments.

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A benefit of the 5/1 ARM is that for the initial five-year period, the interest rate generally will be lower than that offered by a 30-year fixed product. If the home you’re considering is a "starter" property and you’re looking to upgrade in five years or less, then a 5/1 ARM can make perfect sense.

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The interest rate for an adjustable rate mortgage (ARM) is fixed at a certain percentage for an initial period of time, usually five to seven years. The 15-year fixed mortgage generally carries an interest rate that’s similar to that of the 5/1 ARM.

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ARM vs. fixed is a big decision for mortgage shoppers. Know the differences between adjustable- and fixed-rate mortgages so you can choose the right loan for you.

Dave Ramsey Breaks Down The Different Types Of Mortgages We will explain how an adjustable-rate mortgage works and how they compare to the more common 30-year fixed-rate mortgage. >> Rate Search: Check Fixed and ARM Rates. What is a 5-1 ARM? A 5-1 hybrid arm (5-1 hybrid adjustable rate mortgage) is a type of adjustable rate mortgage term with a very low initial rate for a fixed period.