DEAR BOB: We are "cash challenged" home buyers. As you often suggest, we are trying to get pre-approved for a mortgage before we start seriously shopping for a home. A mortgage company we consulted suggests we get an "interest-only" mortgage because our monthly payments will be rock bottom so we can qualify for a larger mortgage. That's good. But it is an adjustable-rate mortgage. That's bad. Also, it has a 10-year term. By then, my husband expects to be promoted and transferred to his company's main office. What do you think of interest-only mortgages? – Ruth Ann G. DEAR RUTH ANN: I like fixed-rate, interest-only mortgages. They are good for both borrowers and lenders because monthly payments are as low as possible. But most lenders prefer to instead originate adjustable-rate, inte...
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