[rconti]

Mortgages are typically longer than 5 years.

[tostitos1979]

Exactly. In a US 30 year mortgage, it is reasonable to expect a borrower to pay it off. In a 5 year mortgage, you will typically refinance after 5 years (unless you hit the jackpot in the interim).

[sliverstorm]

That sounds obnoxious, being forced to refinance 5 times. Why not a 30 year 5/5 ARM? (Rate adjusts every 5 years to market rate)