|
For What Types Of Borrowers Are Interest-Only Mortgages Suitable?
Interest-only mortgages are for borrowers who have a valid use for a lower initial required payment, and are prepared to deal with the consequences.
So this loan isn't really good for anyone. Not the borrower and as we're now seeing on the thee "street" not the lenders.
I guess maybe this loan is good for the person selling the house to the person getting the cash this way. Other than that it sucks all the way around.
__________________
I used to drink to drown my sorrows, but the damned things have learned how to swim- Frida Kahlo
Vice President Starkizzer Fan Club
|