Is 5.75% good in WV for a construction loan?
Pretty much what the title says. I’m gonna buy land and build a home on it for me and my wife and they said if I do a 3 to 1 arms it’ll be 5.75% for the 3 years and then he said I can refinance after the 3 years to hopefully get a better rate. Thoughts and opinions? Any advice in general is welcome as well as this is my first time getting a mortgage in general.
Edit: It’s specifically Morgantown, WV where the bank is.