Former SD- Why not use PenFed.org They have a 5/5 ARM at 3% and will cover your closing costs up to $10k. The rate can only increase by a max of 2% every 5yrs with lifetime max adjustment of 5%. So worst case scenario your rate would be 5% yrs 6-10 and hopefully you will be back in SD way before 10yrs.
I have used Penfed a couple of times and pretty easy to deal with. Guessing with rates so low that refi would currently take 60-90 days.
