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
I had a friend who exclusively did this. They bet the house would raise in value, wanted a low payment, wanted to live in a nicer house than they could otherwise afford and claimed that he liked changing homes every 3-5 years. Which for the life of me I cannot imagine being true, because I absolutely hate packing, moving and unpacking. Not to mention all the random crap that needs to be fixed when you buy a home.
Latest Answers