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Is a rate of 10% on / 1 arm 5 for 30 years landloan a good loan rate 70k $ 700 credit scores?

Live in Alabama. Loan application land to build on later. 10% seems very high when my 30-year mortgage fixed rate of 6.25% over the last few years.

Never get an ARM if you can afford. The balloon payment will kill you. And no, that seems like a high rate.

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