Speaking to the loan lady-
30 year fixed
NOT an Option ARM
I would continue to gain equity- by paying down or home gaining value.
I paid $189k- homes are selling in my area for $223k
At the end of the 10 years (interest only term) my loan would be reamortized over the remaining 20 years. So let's say I never paid anything but interest and reached 10 years- my payment would change to $1284 (only around $300 difference)- but only if I don't re-fi or pay on the principal.
This won't adjust on me-rate locked for 30 years. Equity in the home at 95% financing.
(and quick reply doesn't work
)
If we did principal/interest most of it would go to interest anyway.