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Updated almost 6 years ago,
is an ARM loan type ok or use Fixed only
Hello,
I am new to real estate investing. I'm focused on buy and hold (rentals) Single Family Homes (SFH) properties. I have been working with a bank. They have a good 9 month construction loan, which I find good for those I can get cheap that require a good amount of work. I then discussed loans for non-owner occupied since those will need to convert to that type, or buy without construction needed. They only offer a 5/5 ARM @ 5.50%. While this rate is high I even offered a higher rate but fixed rate, so I could have a consistent exact expense plan. Is an ARM ok or should I begin working with another bank?