Help: Another 30 year fixed vs 10/1 ARM choice to be made
So I've got a choice on a $850k purchase price, 20% down place.
Buy and hold, going to live for 5-6 years, eventual rental.
What would you guys do?
10/1 ARM at 2.375% with about $1k in lender credits?
30 year fixed at 3% with about $700 in points
My wife and I currently gross about $500k combined via W2 wages, in 3 years probably up around $1million per year. So it's theoretically possible we could aim to pay off the ARM in 10 years as opposed to refinance. I've read up the wazu on the pros of mortgage interest deductions, etc. Feel like everyone I've talked to has a different opinion so I thought I'd throw it out here to see what would you do.
Thank you BP!