Reply #21: Two words - creative financing

[mikeytherat]

A fixed-rate 6% mortgage? With principal and interest? Dude (or dudette), that's SO last century.

Get creative! Interest-only financing is the key. It's great; you only pay off the interest of the loan, not the principal. Until a few years down the road, of course, when you do have to start paying principal+interest, and then it gets really fun.

If you had only planned on living in the home for a few years, it might be OK (dangerous and stupid, I feel, but you might get out OK. If you're lucky). If you keep on a 30-year payoff plan, the last few years you really get to take it in the shorts each month.

mikey_the_rat