Is any one up on the pluses and minuses of interest only mortgages? I had always looked at them as a way to let people buy what they could not afford. It particularly upset me seeing young couples buying houses with almost nothing down and thinking of the amount of debt they are setting themselves up with.
Anyway, I read an article that was saying for those who were not planning on keeping a property for more than five years there were advantages to the interest only loans. In this area the rates seem to be running about 4.5% with a balloon payment at five years. Any opinions out there?
MarkV