Re: BRAG: Just got approved for a home mortgage
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Gone Forever - The loan is NOT an interest only loan. It's a fixed rate loan for 10 yrs and then is adjusted every year for the next 20. Also, the houses I'm looking at are WAY undervalued and will easily appreciate over time as long as I take care of it. Not too worried about that though.
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I was mislead by somebody else's post about it being interest only. It really doesn't matter because you're not really going to be paying down hardly any of your principal over the first 10 years anyway so my comment should still hold some weight.
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