Originally Posted by lil_1_2002
Principle does not get paid for that 5-10 yrs u have interest only. But once that time is over, your payments skyrocket. People use interst only becasue they can afford a bigger house, that will eventually gain equity and tehy oculd sell it before the principle payments begin.
and this is why the housing market is skyrocketing right now. everyone gettin on these interest only mortgages to buy a house they couldnt normally afford. but in some ways thats good and bad. its just people are looking at this like another bubble waiting to burst.
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