[smokin5]

To answer your question, jmsremax, it's a fixed rate - I'd never do an ARM.

My theory is to reduce the monthly amount as much as possible, given the uncertainty of the near future. Then, when the economy improves & I've got extra cash, I have the choice of making additional principal payments, thus paying it off earlier. This way, the option is mine.

As far as closing costs, mine were VERY low, estimated to be about $1,400.00, as the lender is paying the discount points for me.