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
It works very well for investment properties you want the rent to pay you an income not pay off the mortgage so interest only works. Like any business you want your overheads as low as possible.
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