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Interest Only Mortgage
An interest only mortgage is a good way to lower your monthly payments and make your dollar go farther for the first few years of your mortgage. Basically, with an interest only mortgage you start out paying only the interest, which can significantly lower your monthly payment.
The problem with an interest only mortgage is that once you do start paying back the principal, you may have to play catch up and your payments can significantly increase. What's worse, borrowers have been trying to buy bigger and more expensive houses on the premise of the interest only mortgage, instead of investing the money they are saving.
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