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Strategies & Market Trends : Tech Stock Options
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To: j g cordes who wrote (29978)12/2/1997 10:44:00 PM
From: C.N.S.  Read Replies (3) of 58727
 
Jim,

There are other options than just a 1-year ARM or fixed.

For instance, many banks offer a 3/30 ARM, 5/30 ARM, 7/30 ARM. Rates are low for the 1st 3 (or 5 or 7) years and then are pegged to an index for the remainder of the 30 years. Considering that the average American refinances/pays off/moves to a different home, every 4 or so years, a 5/30 or a 7/30 effectively means paying the discounted (adjustable) rate for the life of the loan for most people.

If you are in NJ, let me know. Two of my friends purchased homes recently with these loans and they shopped extensively. I will ask them for the bank/rate infor t'row and let you know. Some of these small banks have the best rates, they tell me.

Regards
Shivu
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