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Cut 8 Years Off Your Mortgage
Manage episode 152726695 series 1069374
William Bustos द्वारा प्रदान की गई सामग्री. एपिसोड, ग्राफिक्स और पॉडकास्ट विवरण सहित सभी पॉडकास्ट सामग्री William Bustos या उनके पॉडकास्ट प्लेटफ़ॉर्म पार्टनर द्वारा सीधे अपलोड और प्रदान की जाती है। यदि आपको लगता है कि कोई आपकी अनुमति के बिना आपके कॉपीराइट किए गए कार्य का उपयोग कर रहा है, तो आप यहां बताई गई प्रक्रिया का पालन कर सकते हैं https://hi.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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