(1) They make money on fees that raise the effective rate above zero.
(2) It’s not a conventional mortgage designed for payoff at the end, but a 10-year loan — you’ll still owe most of the balance at the end. It’s a redux of the “teaser rate” scam in 2006 or so.
(3) They apparently enforce 80% LTV fairly strictly, a lesson the US would do well to emulate.
