4.99% for 7 years then could adjust up to 2% a year Cap of 10.99%

[Nick Tebo]

I found a bank with portfolio product 7/1 ARM 4.99% for 7 years and then could adjust up to 2% a year starting year 8 with a Cap of 10.99% Maximum. With the ability to refinance anytime as rates start to drop or to switch too fixed.

What Question would you make sure to have answered when thinking about using a product like this? 

(I have a client buying a single family in $700,000s who is looking into this product, though i'm also looking into for multi family for my clients and myself)

Thank you in Advance!!