Buying a home, like any other big purchase, ought to be done only after one has taken all measures to ensure that they are educated, informed, and prepared. There is nothing more gut wrenching and heart breaking, not to mention just downright depressing, than committing yourself to a six-figure debt only to find out that you didnt actually pick the best kind of debt for yourself. Now, I know that some of you, like me, were taught that debt was a bad thing. Well, that is half true. There are too kinds of debt, responsible and irresponsible. Irresponsible debt will be a topic for a future article but I think it, well, responsible, to talk about responsible debt as it pertains to the purchase of a house. The house purchase is generally considered an all around good idea. The debt is usually considered responsible across the board. There are, however, varying degrees of responsible debt even within the boundaries of the house purchase. Having said that, I would like to take a look at what an interest only mortgage is, whom it is designed for, what the rewards are, and what the long-term implications are.
What is an Interest Only Mortgage?
An interest only...
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