What do You Know About Your Mortgage?

admin — Sat, 17 Jan 2009 16:24:22 +0000

What do you know about your mortgage payment? Do you know how to calculate your mortgage payment? Would you like to know how to understand your mortgage payment? Did you know that the average American keeps their mortgage for just five years? This five-year average doesn’t mean that they move to another house, it just means that they refinance into another mortgage. This average in the past has been as high as seven years, but has moved down since the year 2000. So what does this mean for you? Before we ponder this, let’s ask another question. If you went to your mortgage broker and asked them why you pay so much interest to the bank at the beginning of your mortgage, and they say, “It’s because mortgage balance is higher in the beginning.” Do you think you’ve received a good answer from your mortgage broker? Actually, I believe you should get another mortgage broker if that’s the only explanation your mortgage broker can give you. There’s really a whole lot more to it than that. First of all, you don’t have to give all of your hard earned money to the bank just because they have figured out how to front load the interest on your mortgage! Why not explore other ways, like the Money Merge Account, to get your money working for you in terms of building equity? Secondly, just because the bank was willing to give you a mortgage loan, doesn’t mean that they’re really interested in helping you accomplish all that you can accomplish in terms of playing off your home as rapidly as possible. You really need to understand how that payment you will be making for the next 30, 20, 15 or 10 years is going to be split up. Is it mostly going to the bank as interest or to you in the form of equity?

Wealth Creations » Home Ownership

What do You Know About Your Mortgage?