We bought a house in June of this year. It is under a construction loan for a full year ( we live in it now). We make interest only payments of 667.00 a month to the Bank. Is this tax deductable? We will close the second time through a mortgage company next June. Yes, you [...]

What happens in an interest only mortgage after the introductory period ends allowing you to pay int only? Do the monthly pymts double or does it take many extra years to pay off? I dont have this type of mortg loan. im just considering it since I cant afford full amount on a mortg over [...]