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Does he do this on investment properties or on homes that he lives in? Either way paying off real estate as quickly as possible is one of the worst investment strategies there is. Primary residence, investment property, interest only, or otherwise. Lets also look at getting an interest only loan for the purpose of paying it off as quickly as possible. Assuming paying it off wasn't a bad idea using an interest only loan to achieve that goal is also counterproductive. An interest only mortgage has a HIGHER interest rate than a mortgage where principal and interest payments are required. So, in getting the interest only loan he ends up paying more in interest and it takes him longer/more cash to pay off the loan. It makes absolutely no sense if paying off the loan is the primary goal and reason for the IO loan in the first place. That isn't to say an interest only loan is a bad choice for everyone, it isn't, it's a great tool for some investors to manage cashflow. But for the person (foolishly) trying to pay off the mortgage as quickly as possible, it's about as bad a decision as they can make due to the higher interest rate. Hope this information helps...Sincerely,Greg
Yes, many lenders still do.
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