I’m buying a new home. Should I get a 5/1 ARM or a 30-year fixed mortgage?

There are many ways to look at this. However, you are the only person who can give a satisfactory answer to this question. This depends on your 5-year outlook. If you do not plan on staying in the house for more than 5 years, then a 5/1 ARM is advisable.

Despite all the negative news in the media concerning ARM, it fits the purpose of a short-term ownership.

However, if you plan on staying in the house for a long time, it is advisable that you stick with the 30-year fixed.


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This question was initially answered in Quora by our co-founder and mortgage ninja Kevin. View in Quora

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