Don't misundertand me. I'm not saying you SHOULDN'T take advantage of this opportunity. I am simply saying there is a way to save even MORE by going with a 30 year loan and making the 10 year or 15 year payments.
Ask a loan officer to print out reports under the 3 scenarios:
1) Total payments broken down by principal and interest on a 30 year loan
2)Total payments broken down by principal and interest on a 10 year loan
3)Total payments broken down by principal and interest on a 30 year loan if you make the 10 year payments.
Absolutely, but I would not do it if it meant channeling all or most available funds into a non-liquid asset. If most of your money is tied up in a house, I think you lose a lot of flexibility.