Rates??

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Posted by palebride

bank of NY - it was a SONYMA loan for first time buyers which is why it was so low

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Thanks for the info - i'm going to look into it when FH and i find a place...

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Posted by Oct04Bride

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right - I was just thinking that if anyone was worried about getting higher rates after the 5 years...

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We got a 4.62% 5/1 ARM

Well I guess I'm a little worried what's going to happen in 5 years - but we really need to keep the payments down now with the wedding, but from what I understand - the rates are capped and I'll just have to be attentive to the market for the next few years. They could go down (wishful thinking!!)

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are you planning on staying? after 5-6 years?

just remember that you will have equity and appraisal value by then too - so when you refinance - you'll still get a good deal...