15 year fixed or 1 year ARM?

[PoconoCountryLady]

arm's are okay for getting into a house but that rate doe snot stay low. expect it to rise like a credit card.
Yes, you can refinance then you have to go through the whole process of paying the bank, do a credit check- house appraisal- bank makes more money stick with the fixed.

[rokuremote]

Originally Posted by tiyakhambadkone

1. 1 yr ARM for 5%
2. 15yr fixed mortgage for 5.5%

Loan officer says option 1 is better since rates will come down in a few months and I can fix a rate that time.

That certainly aged well.
I hope the OP got a new source for a loan.