Article: Interest-only Loans Can Buy More House And More Trouble
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Interest-only Loans Can Buy More House And More Trouble
They're spreading like wildfire--interest-only mortgages appear to be the panacea for rising home prices and the incomes that can?t quite catch up. You can buy "more house" and have a low mortgage payment and a big tax deduction. Who wouldn?t want one, right?
Well, a large number of consumers are getting into these loans when they shouldn?t. Interest-only mortgages work well for some individuals and are dangerous for most others, yet the number of interest-only loans is rising rapidly.
Take a look at San Diego. In 2004 almost half of the mortgages required interest-only payments in the first few years according to a study done by LoanPerformance, a San Francisco--based real estate information service. Could this have something to do with the housing market? Yo...
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