[jeffrey]

I must agree with Cindy and Terry here...there are times when the interest only mortgage can be an advantage, but you really need to know exactly why you want it over a traditional mortgage -- not just because it happens to be a less expensive payment at the beginning.

Cindy also makes a valid point on purchasing houses. With interest rates so low, people often think "my payment will be less than rent for an apartment" if they purchase forgetting that house upkeep is quite expensive along with extra taxes. That is not to say buying a house is a bad idea...just that you should not compare the mortgage payment and rent payment directly...be sure to factor in those other expenses that come with owning a house.