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Fixed vs ARM strategy?

i am purchasing a home with a $1M mortgage. I will also run my business out of this property, which will involve me investing about $500k into the property to build out my workspace.

i am planning on living in this home for the rest of my life (currently 43yo) with my family.

I am looking at a 6.625% 30 year fixed rate or an ARM in the 5.875 - 6% range (depending on ARM length).

Curious what folks strategies would be here. The savings difference, though significant, wouldn't make or break this purchase but I still want to make the smartest long term decision balancing risk, free capital, etc.

Any tips?

One compounding factor: I may have trouble re-qualifying when refi time comes around if rates drop, however the lender offers a program where you can pay $2k and re-amoritize into the current rate environment at any one time during the life of the loan. The only catch is it has to be the same prodcut (10 year arm --> 10 year arm, or 30yr fixed ---> 30yr fixed).

THANK YOU!

submitted by /u/ithinkimphil
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source https://www.reddit.com/r/RealEstate/comments/1k6qgvi/fixed_vs_arm_strategy/

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