Lets use a 30 years mortage in the example and the current rate is 3.41% for 5/1 ARM. So in the first 5 years, I will be paying a 3.41% fixed rate, right? and after that rate may go up as much as +1% per year if the market allow, correct? So is there a limit (max) on how much the rate can be? Also, lets say I have the money to pay off after 5 years, will I be allowed to pay off the mortage? If so, will I be charge a fee (usually 1% to 2% of the total mortage) for paying off early?
Is FHA 5/1 ARM only be used to buy a house? what about land/lot?
Is FHA 5/1 ARM only be used to buy a house? what about land/lot?