Interest Only Mortgages Are Like Paying Rent
Rent is ridiculously high and mortgage payments are even higher. Rent is the more affordable choice in the short term, but what do you have to show for it in the long run? There is an alternative choice that can give you a bit of the best of both worlds. Interest only mortgages allow you to own your own home while paying a monthly amount for housing that is more like rent than a mortgage payment. This situation can go on for five to seven years before you have to refinance or start paying the high monthly payments, unless you are able to opt to pay the remaining balance on the loan in one lump sum.
