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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...
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Many an optimist has become rich by buying out a pessimist
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