In this scenario, which is basically almost an interest-only loan, you don’t really own your home; you’re just renting it from the bank.
In this scenario, which is basically almost an interest-only loan, you don’t really own your home; you’re just renting it from the bank.
You will own nothing and be happy. You know, morons.
The federal government shouldn’t be involved in the private loan business, period.
Can additional payments be made on mortgages in the US? Here I can, and have. I effectively turned a 30yr mortgage into a 20yr one by occasionally making extra payments, from overtime, bonuses etc. The main method that worked was maintaining payments at the same level when interest rates dropped. Obviously when they went up I had no choice but over time this worked well.
Yes. My last mortgage was a nominal 30, paid off in under 8.
There is no sleep aid better than no mortgage. No car loan is a close 2nd.
Yes it can be turned into a 25 or even a 12.5 year mortgage by just pre-paying next month’s principal (25 year) or the next 2 month’s principal (12.5 year). For a 50 year mortgage, next month’s principal will amount to about 25 cents (exaggerating). Gets harder to do that as you go but then your income should be rising accordingly.
That’s what I did on my house and it was paid off in no time. Haven’t had a mortgage for decades.
If one dies before a mortgage is paid up can’t one’s heirs finish paying off the mortgage and then own the house outright?