Which one should I refinance with?

[Adam Craig]

I am starting to do some cash out refinance deals on several of my rentals.

After I hit my 10 mortgage maximum, I found a portfolio lender with 20 year / 5 year ARM loans. The loan process was so much quicker. Now that I have a relationship with this bank the refinance was fast and easy - much easier then Fannie/Freddie loans.

So my concern is that with my portfolio lender - I am refinancing some of my 30 year fixed rate conventional loans into a 20 year 5 ARM loan. Is trading 30 year fixed for 20 year adjustable something to be concerned about?