Pros and Cons of Interest-Only LoansBy JJ Singh
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In the last few years, interest only mortgages have become increasingly trendy. On the surface they look like great alternatives, but there are risks you should be aware of.
The interest only mortgage is an interesting alternative, but it should be used with caution. Your first task should be to determine what your priorities are when buying a home. If you'd like to be there for the long haul, it's probably not your best bet. Conversely, if you're confident the market will do well and it's a short-term investment, this type of new home loan can net you a huge return.
About the AuthorJJ Singh is a loan consultant who has mortgaged his life away to the micro finance industry in New York City. He holds a bachelor's degree in Economics from the University of Virginia.
Sources:Mortgages: Beating higher rates
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