get a 30 year mortgage

You have to admire people who say:" I'm tired of living in an apartment. I want my own home. I want something that is mine ". "Well, unless you are Donald Trump, and can only dig in their spare change to buy a home win bet, the home is far away from you. Why? Well, it is something like a mortgage. And unless you pay, month after month for 30 years or whatever, at home, that at the end of the bank before you can say "Bob's your Uncle".

The truth is, a mortgage is just a fancy term for "rent it now, it's later when you can and as long as your payments". Yes, there is always hope that someone that the mortgage is paid off, and you can use this fancy mortgage burning ceremony. Oh, and just for the record, people do not actually burn their real mortgage papers. They make copies and burn. You must prove that the house is actually yours. But the point is, until that mortgage is paid, it is not from you. Well, the mortgage is not the house.

So, what can we do to help the process and pay a mortgage, that as soon as we can at the least cost?

Well, the one thing you can do if your swing is to a mortgage of 15 years instead of the usual 25 or 30 years mortgage. What this, in addition to you pay your house quickly, it lowers the amount of interest you pay. The reason is that you pay more principal contractor with each payment. Of course, therein lies the rub. Your payments for a mortgage of 15 years is substantially higher than for a 25 or 30 years mortgage. However, they are not double, because you pay more principal. It is usually about 20% more per payment, depending on the interest rate.

Another thing you can do to make your mortgage a little easier to pay off if you can not afford the 15-year plan, it is the best price, you can. This requires a little work and a lot of shopping around. Fortunately, real estate is such a competitive field that many lenders are screaming for your company. For this reason, they raise the interest that you would be crazy to adapt to, especially if they are fixed rates. No, we're not even going to adjustable rate mortgages, or weapons, because they like playing the stock market. You never know where they go.

Another thing you can do to help you pay your mortgage faster from Landlord a portion of your home. If you own a home of this family is very easy to do. With a single family, it is not so simple. But if you have a large enough, at home, with a small build, you can add a wing for a college kid who can not afford to live in a dorm. Even a few hundred dollars a month is helping.

Thus, while it is nice that you "own" your own house, just remember, it's not really that until mortgage is paid.

Michael Russell

Your Independent Mortgage Guide.