Quote:
Originally Posted by StewiesMom  I know its popular now and its risky, but does anyone have one? I am thinking about getting one temporarily and then re-finance a year or so down the road.
The real estate market is still hot here, so I know that anything I buy will appreciate in value, so that part isn't scary.
What do ya'll think? |
I had to get a 5 year ARM interest only mortgage. Im a year and a half into it almost. I think if you think you are going to be in your house forever, don't do it, but if you think that you will not be there more than 5 years, then do it. You do not pay enough principal in the first 5 years to make a huge dent in your owed amount anyways. Just don't do a deferred interest mortgage. That is where you dont even pay the whole intereste every month and at the end of the time frame (5 years maybe) the interest you didnt pay gets back loaded onto the loan so you OWE more than you paid! that is not the greatest idea. but an interest only loan, well I dont think its too bad for at least 5 years, probably not for longer than that though!
