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ARMs are useful in isolated situations but I hope you know what you're doing. If you think "Oh wow look at that ARM rate it's way lower than any 30 year fixed rate I've come across I'll just cross my fingers and hope it'll stay like that" then you're perhaps being naive.
A lot of ARMs advertise abnormally low "teaser" rates that last only a couple of months or so to draw people in. I don't think I've ever personally heard of a situation where an ARM beat out a fixed rate mortgage in the long term. I'm sure it exists but I haven't heard of one.
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