5 Year Arm: Opinions?
I'm working with a portfolio lender on two 5 Year 30 Amor. Arms with a fixed interest rate the first five years. I plan to have them paid off before 5 years. Down payment is 25% with an interest rate of 5.65. I've only ever done conventional before this and this sounds like a great deal to me. I only qualify for FNMA loans and I hate working with them. What do you guys think? Are these rates and downpayment typical for this type of loan? I had one other quote for 40% down, interest of 6.9% and that sounded way too much to me.