Re: Interest Only Mortgage Question
I couldn't agree more about the "interest only" offers out there. It seems to me that these popped up once the interest rates began to climb.
One of the largest disadvantages that I see is that by paying only interest you build no equity in the property.
I see way too many people mortgaging more house than they can truly afford and so many houses in my development (only 4 yrs old) are in foreclosure.
Owning a home is a wonderful investment ... but where's the investment if you're only paying off the interest?
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