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Question by Cindy16: What is the differences between all these different mortgage terms?
I am looking into different mortgage.
Get very confused by so many different kinds of them.
What are the differences?
If we are planning to get a 300K mortgage, and planning to stay in the house for at least 5 years.
What mortgage might be good for us?
30yr fix
5/1
7/1
why there is 5/1 ARM?? What is the different between all these?
thank u
Best answer:
Answer by ChrisB
Interest.com has an EXCELLENT table for checking out all the pros/cons of different mortgages. I believe it’s just what you need: http://mortgages.interest.com/content/firsttime/whichmtge.asp
I would also recommend Bankrate.com for looking up general mortgage rates and subsequent payments. Don’t forget to factor in escrow and property taxes in their estimates.
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