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The Race for Equity - Choosing the Right Loan Program
Those who take property ownership seriously often look for options to build equity at a faster pace. An aggressive approach is to select a 15-Year loan program over a 30-Year mortgage.A 15-Year loan works well for homebuyers budgeting time and money, those who are possibly looking forward to a debt-free retirement, or those who plan to upgrade to a larger home within 15 years. But this requires a sincere commitment to making substantially larger monthly payments.Provided the homeowner can afford the financial commitment of a 15-Year loan, they will pay significantly less money in interest simply because the life of the loan is spread over a shorter period of time. However, they need to be aware that unless they are extremely financially secure, even a minor setback can have a tragic impact on their ability to make mortgage payments on time and in full. The bottom line is that it's probably not a good idea to put all available cash into a mortgage payment and lose any hope of a financial cushion in the event of emergency.A less vulnerable approach is to consider making principal prepayments on a 30-Year loan, or to invest the extra dollars into another type of asset ... more

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