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
Because it is cheaper than renting and you only plan on being in it for a few years before refinancing or moving and thus will save money based on loan origination costs.
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