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Originally Posted by Greg B
Tonight ABC Evening News ran a segment on 'Interest Only' home loans. Basically for a few years all you do is pay the interest on a mortgage for a few years and then you start paying your mortgage and interest. Their profile showed a scenario where the home buyer pays $1,200 per month instead of $1,600 and then when the honeymoon is over that jumps to $1,800 for a $300k house..?
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they also forgot to mention that usually the rates on interest-only loans can change as often as every month, yr to yr, or may be fixed for a 10-year period.
this is whats going on now and in a few yrs your going to see people losing their homes.