Here's an editorial from the Times that I totally agree with. I know people who have bought places with 100% financing and interest-only loans, and it just seems dicey to me. If I find a place to buy, I will gladly take a 30-year fixed mortgage and put some money down, the good old-fashioned way. Building equity is the whole point of buying a place, and I don't want to have to count on the market always being so overheated in order to do that. And interest rates are so low right now, there's no where for them to go but up.
Wednesday, July 06, 2005
NY Times editorial about mortgages
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