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
Big thing you seem to be missing (at least in terms of how you asked your question) is that after 20 years, you’ve had a place to live for 20 years, which is a valuable asset in itself.
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