‘expensive money’ is relative – money isn’t expensive when it is invested and the return is greater than the interest rate on the mortgage
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also, this mortgage is less than a third of my property value even in today’s depressed market – with the crazy runup in property values between 1998 and 2006 I wanted to take some of my real estate gains off the table without having a large monthly payment – the 10/20 loan met my needs and I’ll keep it as long as it makes sense – if interest rates go to 20% (remember the ’80’s?), I’ve got a fixed-rate loan for 30 years and now we are talking about CHEAP money!
