From what I understand about mortgages, which isn’t a lot at all, I just don’t see any scenario where an interest only mortgage is a good idea.
You pay it off for let’s say 20 years and you still have the full balance remaining. What am I missing?
In: Economics
you get a lower payment, so easier to qualify for the loan
you are not paying down the loan, but you might expect the property to appreciate and sell in a short time
Basically you don’t want to miss out
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