First Property Considering an ARM

[Jake DiLaura]

Hey BP Community!

My wife and I are looking to buy a small condo as our first place with the mindset to keep it as an investment. We're considering an ARM as we don't intend to be there much longer than 12 months and feel like rates will go down in the next few years, so I wanted to ask.. what kind of rates are you seeing with ARMS right now? Also, what are the potential downsides to an ARM in our situation?

Thanks!