Minor Millionaire
New member
Say getting a 7yr/1 ARM for 30 years...and I would like to pay additional principal to pay it off in 6 or 7 yrs before it adjusts (presumably upward)...is that generally allowable within an ARM (I know it is okay with fixed mortgages as I am doing that now on my 15 yr fixed, effectively making it about a 10 yr)...but we want to refi and add on a room thus my question....the ARM have very low rates which makes me wonder if they have a prepay penalty clause.