Has anyone ever gotten a 10/1 LIBOR ARM loan? This option is tempting me as the home I want to get I think stands a good chance to appreciate in 5 years and we're talking ~$300/month less going this route vs a fixed.
My main questions are:
1) What is the rate of equity build using this route vs fixed?
2) For the 10-year period, is the rate locked?
3) After the 10-year, what is the maximum the new rate can be adjusted?
4) Are you allowed to refinance into a different scheme if other products are available after year 10?
Thoughts, watch outs, learnings?
Also, in Gwinnett Co, GA can you choose to pay property taxes in lump sum or do you have to pay per month?