The Race for Equity |
This article was provided by Paul McCausland at 1st Mariner Mortgage in Maryland. Paul@TheHomeLoanCenter.net
Iceland Poppy, Kentlands Spring Flowers IMG_7902 Photograph by Roy Kelley using a Canon PowerShot G11 camera. Roy and Dolores Kelley Photographs |
Roy ....Great information as always ...It can really payoff (No Pun inteded) to add a liitle extra to go towards the principal each month! Thanks!
Roy, some people will never add extra to a 30 year loan and some disciplined people will and reduce the term to under 15 years. Discipline is the key and knowing the options is critical! Thanks!
Roy: For those that can afford to shorten their mortgage period, paying less interest is always the best approach.
Good morning Roy,
I like the choice of paying more towards the principal each month. Get the casa paid off and call it home sweet home! Hope you and Ms. Dolores enjoy a grand day in all you do my friend.
The Q -Man
Good morning to all and thanks so much for your comments. An added benefit of 15 year mortgage loans is that the interest rate is usually much lower than the rate for a 30 year loan.
This week, we were quoted a 3.25% rate for a 15 year mortgage loan, with no points, for 95% loan to value mortgages to $417,000. The 30 year rate on the same product was 4% at this regional lender in Maryland.
I like a shorter period of time or biweeklys instead of traditional it really helps in the end. Good post
Good afternoon Roy.
This is a great post. When I bought my home I took a fifteen year mortgage.
Hi Roy,
You can turn our 30 year into a 15 year mortgage by making extra prinicipal payments each month and personally I like this much better as your 30 year payment is cheaper and if financial stress occurs you always revert to the lower 30 year payment amount.
Thanks to all for your comments. Those that can afford the payments for a 15 year mortgage rather that a 30 year loan will have a lower interest rate for the entire mortgage period. Take a look at the amount you will save.
It is sometimes a good practice to revisit old blogs and reblogs. We might even find some good ideas for current posts.
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