Feb 05 2008
Save time and money - calculate your mortgage options
Most people I have talked to know that they can pay off a mortgage in 15 years instead of 30 by paying extra money each month, but most people do not do it. When friends are looking to buy real estate I often try to talk them into buying something cheaper. It makes much more sense to me to have something you can pay off quickly, own, and get into buying more property.
If I told you that living in a slightly cheaper neighborhood today could net you 3 houses to own in the same time you would be paying for that big house that stretches your budget, would you consider it then?
Another way to convince friends to calculate their mortgage payments and options is to give them the jail scenario. If you have no house payment, and bills, you would be free. Free to do what you want when you want. If you have that mortgage bill coming every month for 30 years, that’s like a life sentence. Wouldn’t you rather be free in 15 years instead of 30?
Start calculating your mortgage options now!