Which mortgage is best for me- 7 year interest only or 30 year fixed? First home (condo) – read details?
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.