Why choose a 5 year fixed rate mortgage over a 1 year fixed rate?
This is going to have a lot to do with what your short and long term goals are. In my opinion a 1 year arm which is fixed for 1 year and adjust every year after that says you plan on something changing in a year either you expect rates to go down lower or you are planning to sell the property so you want your payment to be the lowest during that period. 5 year arm is fixed for 5 years and then adjust every year after the anniversary date. This product says you want the lowest payments, but not willing to wait to see what happens in 1 year. It allows you time to see what the economy is going to do or if you are relocating to the area it allows you some time to see if you like it while taking advantage of the lower payments. Dale Seymour SVP Production/Operation. 3039 Premiere Parkway Suite 100a Duluth Ga. 30097 678-812-2601 Ext 5015. Why choose a 5 year fixed rate mortgage over a 1 year fixed rate. It has become obvious I need help with this. Any ideas you have would be very much apprec
