IMO - interest only loans are a scam and will hurt the real estate market down the road. They are simply a tool used by financial institutions to help people qualify for loans that they cannot possibly handle........
When prices moderate which WILL happen at some point (its a normal cyclical thing) upon maturity the appraised values will not support some of today's purchase prices. Some peeps will be underwater and the lender at that time will put the screws to you. They will be in the drivers seat at that point on everything.
RUN FOR COVER ON INTEREST ONLY DEALS..........