Is it possible to get a 5/1 ARM loan for 6 months and and then refinance to a normal 30yr fixed Mortgage?
Matt W asked:
I want to get a 5/1 ARM interest only loan and keep it for 6 months to a year ( to help me save up more money) and then refinance it to a Normal 30 or 15 year fixed Mortgage. Is this possible? Also what do I have to do to qualify for the 5/1 ARM loan? Do you have to put down a huge down payment or something like that? I have a great credit score, but next to nothing for a down payment.
RAMIRO
I want to get a 5/1 ARM interest only loan and keep it for 6 months to a year ( to help me save up more money) and then refinance it to a Normal 30 or 15 year fixed Mortgage. Is this possible? Also what do I have to do to qualify for the 5/1 ARM loan? Do you have to put down a huge down payment or something like that? I have a great credit score, but next to nothing for a down payment.
RAMIRO
