Residential real estate market information for Metro Detroit's Northern Suburbs brought to you by Realtors Maureen Francis and Dmitry Koublitsky of SKBK Sotheby's International Realty. Monthly market statistics for home owners in Oakland County. MLS listings available on our web site:

Wednesday, June 01, 2005

Interest Only Mortgages

From Business Week: "Thirty-one percent of new single-family mortgages were interest only last year, up from just 1.5% in 2001. With interest-only mortgages, buyers' monthly payments are lower for a time, but they don't build equity in their home." From Maureen: That is not exactly correct. Homeowners with interest-only mortgages can build equity if the home appreciates in value over time, even without reducing principal owed to the bank.

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