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Cut 8 Years Off Your Mortgage
Manage episode 152726695 series 1069374
Treść dostarczona przez William Bustos. Cała zawartość podcastów, w tym odcinki, grafika i opisy podcastów, jest przesyłana i udostępniana bezpośrednio przez William Bustos lub jego partnera na platformie podcastów. Jeśli uważasz, że ktoś wykorzystuje Twoje dzieło chronione prawem autorskim bez Twojej zgody, możesz postępować zgodnie z procedurą opisaną tutaj https://pl.player.fm/legal.
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Right now, mortgage interest rates are at an all-time low. It’s a great time to buy a house. In fact, your buying power may never be higher. It is projected that the Fed will raise interest rates soon, so it’s important to buy while rates are still historically low.
Once you buy a home and get that 30-year mortgage, there is one simple thing you can do to shave eight years off your mortgage. Simply take the amount of one of your monthly mortgage payments, divide it by 12, and add that amount to your mortgage payment each month.
When you do that, however, make sure that you specify that the money should go towards the principal. Otherwise, the bank may put it towards the interest. Still, increasing your monthly mortgage payment by 1/12 is a great way to pay down your mortgage faster, as it doesn’t increase your normal payment by much.
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