Is a 5'1 arm a good idea? The advantage of a 5/1 ARM is that during the first phase, you get a much lower interest rate and payment. If you plan to sell in less than six or seven years, a 5/1 ARM could be a smart choice
Why is an arm a bad idea? Mortgage Guide Adjustable-rate mortgages aren't for everyone, and can be a very bad idea for some people. ... The advantage of an ARM... more