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To: j g cordes who wrote (29978)	12/2/1997 4:27:00 PM
From: Kevin	Read Replies (3) \| Respond to of 58727

>>>What have you got for tomorrow, I'm going to get a new mortgage, these rates are too tempting...<<< I've been dragging my feet on this. Problem is, after staring at numbers all day long, I do not feel like doing anything like this when I get home. I promised myself that I'll do it when the 30 year fixed drops to 7.20% with zero points. >>> question is take a 1 year adjustable under 5% or get a fixed rate... where are rates going to be in October November next year?<<< I've only gone through two mortgages so far, so I'm a newbie. Was it betty who sounded like a pro a few weeks back? IMO, it's better to grab a fixed right now, but I'd love to hear otherwise. See ya.

To: j g cordes who wrote (29978)	12/2/1997 10:44:00 PM
From: C.N.S.	Read Replies (3) \| Respond to 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