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Ok, now we have a new mortgage instrument...
Old 07-06-2005, 05:01 PM   #1
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Join Date: Dec 2003
Location: Losing my whump
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Ok, now we have a new mortgage instrument...

The 5/1 fixed/adjustable interest-only version.

Very low apr first 5 years, interest only, then you start digging into principal. Idea being that you'll move in the first 5 years and 'reap the increased value of the property'. Lower monthly payments than the old, boring, passe 30 year fixed interest-only... :P

Looks like the mortgage folks will just keep coming up with cheaper and cheaper alternatives for people to dig themselves into overpriced property...
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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