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COPYRIGHT 2005 Ocala Star-Banner
Byline: Steven Ray Haberlin
Sep. 18--OCALA -- The loan sounds very attractive at first glance.
Lower monthly payments. Buy a big house without a big income.
The mortgages are called "interest-only" loans, and brokers and lenders say greater numbers of Marion County homebuyers are relying on these unconventional financing options to deal with the area's skyrocketing real estate prices.
Interest-only mortgages, which give borrowers lower monthly payments because they don't pay any principal until later, give home shoppers more buying power.
But experts warn that these loans are not for everyone. While the borrower gets the benefit of low payments in the short term, the payments get much larger later...
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