Is it possible to get a 5/1 ARM loan for 6 months and and then refinance to a normal 30yr fixed Mortgage??

I want to get a 5/1 ARM interest only loan and keep it for 6 months to a year ( to help me save up more money) and then refinance it to a Normal 30 or 15 year fixed Mortgage. Is this possible? Also what do I have to do to qualify for the 5/1 ARM loan? Do you have to put down a huge down payment or something like that? I have a great credit score, but next to nothing for a down payment.

Hi Folks

I purchased my home in Aug 2005 with a 5/1 ARM loan with Washington Mutual at a 6.35% interest.

As of Oct 2010 this becomes a variable rate and my new internet rate will be 3.57% (Index + Margin). But, Chase says my monthly payments will remain the same (as I’m paying today) because of amortization.

Why is this the case?
Current 5/1 ARM is Principal & Interest

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