I'm about to buy my first home (condo) for $135,000 and do not plan on living there more than 7 years. I decided to buy because I'm sick and tired of throwing money away renting.
I have narrowed my loan choices down to either a 30 year fixed and a 7 year interest only. The 7 year interest only mortgage is $120 less per month than the 30 year fixed, which is a lot of money for me.
I am also aware that I'd be able to write off a greater amount in taxes by going with the interest only mortgage, yet most people are still advising me to go with the 30 year fixed instead.
Please help.
Thanks
2006-06-28
04:18:44
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7 answers
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asked by
prizice24
1
in
Renting & Real Estate