Question by Amanda: If you obtain an interest-only mortgage, can you refinance to a traditional mortgage later?
Right now I am staying home with the kids but I plan on going back to work when they begin school in four years. Is it possible to obtain an interest-only mortgage for, say, five years and then refinance to a traditional 30 year mortgage later on?
Answer by MBA Don
Yes you definitely can.
1) The trouble you may have later is that you will need to have a downpayment which may be 20% of the value of the house.
So unless you have a large equity position on your house, or if you already have a lot of cash, you may want to start saving for it.
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