Hey Lacey!
Alot of great info from some great professionals on this post.
When it comes to ARM rates, there is always the arguement of what if rates go up..
Just like you said, the further out you can extend the home, the better you can protect yourself from any adverse market conditions.
Having a 7/1 or 10/1 ARM gives you plenty of time to analyze the market and figure out if you need to refinance into a fixed rate, or restart the fixed period on your ARM product. Historically speaking, the average life cycle of a loan meaning you either refinance, sell or buy a new home in that time period, means that if there is a possibility you are not there in 7-10 years than an ARM makes sense. It will give you a more attractive interest rate, while keeping the payment amortized over 30 years! ARM products are not the enemy, do not try and time the market, spend time in the market! Best of luck!
