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The couple of Times we've done an ARM we've always planned to (and did) either sell the home or re-fi to a fixed before the ARM takes place. But the re-fi only makes sense after a couple of years (to cover the new closing costs/fees) and even then its not as smart as your broker says it is. You still waste money there.
This year there were no lenders giving fixed 30 year loans above $770K (or jumbo loans) which is the loan you need to get in California (places like LA and SF and surrounding areas) since most 3 bedroom homes are 1.1 - 1.5 million.
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