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 may be cheaper than renting the equivalent and you don’t plan to be there very long. Also if you think the value might go up significantly over a few years you could make money off of it. This is especially true if you are flipping the house.
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