Mortgage Free In 15 Years!
Imagine paying your mortgage off in 15 years!
Think of all the great things you could do with that extra money.
What would you do?
Retire early?
Buy an R.V.?
Travel around the world?
If you could eliminate your mortgage in half the time, then your options would be wide open.
Let's take a look at 3 benefits and 3 considerations when evaluating whether or not the 15 year fixed rate mortgage, is right for you:
- Lower Interest Rate
- Huge Savings on Interest Paid
- Mortgage Paid in 15 Years
- Affordability
- Expendable Income
- The 15 Year Loan as an Investment
The 15 year amortized fixed rate loan carries a lower interest rate.
- The interest rate is usually about ? % the rate of a 30 year term.
- For example, as of today's date, the average 30 year fixed is going for about 5.67%, while the average 15 year fixed is going for about 5.10%.
- That's a savings of .57%!
A 15 year fixed will accomplish this for you.
- Let's look at a $300,000 loan.
Over the course of 30 years, at 6% interest, you will pay the bank $347,514 in interest. (Yes that's right.You're paying the bank 115% of the loan value, over the course of 30 years).
- However, with a 15 year fixed rate loan, at 5.5%, you will only pay $141,225 in interest (Wholly smoke!
That's a savings of $206,289!).
- This is an enormous advantage.
After 15 years, money normally applied to a house payment can be applied to investments. - Or, you can begin considering alternative careers, retirement, or home improvements.
- Or you can just spend that extra money on fun stuff and goodies.
But, is the 15 year loan right for you?
Let's take a look at some important considerations:4. Affordability:Even though the 15 year fixed rate loan enjoys a ?% savings in interest, there is still the question of affordability.
- For example, a $300,000 mortgage, amortized over 30 years at 6%, equates to a monthly house payment of $1798.
- But the same loan amortized over 15 years at 5.5%, equates to a monthly house payment of $2,451.
- That's an extra $653 per month, or a payment that's 36% higher than a 30 year fixed.
Ask these important questions:
- Are all your bills getting paid?
- Do you have low debt?
- Are you spending too much each month on luxuries?
- Are you spending too little each month on productive investments and savings?
Start by completing a budget analysis, and figure out a plan to get you from point A to point B.6. The 15 Year Loan As An Investment:This is really, the most important consideration.
A 15 year fixed rate loan is more of an investment then anything else.
- The financial benefits of a 15 year fixed rate RIVALS the benefits of a 401k, Roth IRA, and Mutual Fund performance.
- You need to compare the money saved (in our example, that's $206,289) to the performance of your other investments in your portfolio.
Remember to calculate in the extra money you are paying for the 15 year loan (in our example, that's $653 per month), so that you can determine a net profit. - If you are exploring ways to build wealth, and apply your money in a productive way, then you need to seriously sit down, and figure out how to get a 15 year loan incorporated into your plan.
Remember to always seek out good advice from those you trust, and never turn your back on your own common sense.Publisher's Directions:This article may be freely distributed so long as the copyright, author's information, disclaimer, and an active link (where possible) are included.
Disclaimer:
Statements and opinions expressed in the articles, reviews and other materials herein are those of the authors.
While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site..
His website seeks to provide free online resources for the consumer, including rate-watch, tips and articles, financial communication, news, and links to products and services.
You can check out Tom's website here:
http://loanresources.net, or you can email Tom at info@loanresources.net.
A Debt Checklist
A Debt Checklist is the only sensible way to organize and control your finances. Most people aren't actually aware quite how much debt they possess - in fact, a recent survey found that almost 75% of UK adults were up to ?5000 out when asked to estimate their non-mortgage debt.
They weren't much better when asked to produce a cashflow statement showing how their hard earned cash was being spent each month! A Debt Checklist is a plan you can use to get a grip on your finances, and will allow you to understand in black and white, where savings can be made, and how debt can be tackled most effectively.Obviously, you will have a savings account. If you DON'T, go open one now. Choose a large, reputable bank or loan company so you won't have any problems getting access to your funds when you need them.Secondly, you need to cut back on your credit card spending.
Credit card companies do everything they can to encourage you to spend, and even more to try and cajole you into only...
A Debt Checklist
Mortgage > A Debt Checklist
Save Big On Your Mortgage
(NC)-Did you know that when you take out a fixed-rate mortgage, you're paying a big "safety premium"? That's because banks usually set their fixed rates at considerably higher levels than their variable rates. They do so to ensure that a fixed-rate mortgage will still be profitable for them if interest rates rise.If you're a potential homeowner, you should ask yourself if that premium is worth paying. It may protect you if interest rates spike up suddenly. But if they don't, you may end up paying thousands of dollars in extra interest. That's an expensive insurance policy.Historically, variable-rate mortgages have proven to be cheaper than those with fixed rates over the long term.
Even if you feel that interest rates will rise in the near future, you should take a long-term perspective. With a variable rate mortgage, you are usually starting out at a lower rate to begin with, and you will benefit from any decreases in interest rates that occur in the future.Banks and other financial...
Save Big On Your Mortgage
Mortgage > Save Big On Your Mortgage
When Should You Refinance Your Home Loan?
Home loan refinancing replaces your existing loan, usually with a new loan of a lower interest rate covering the same amount of principal. Refinancing can reduce your interest rate, alter the terms of the loan, or combine or consolidate your debts.
While home loan refinancing can be useful for some, keep in mind that it is not always financially sensible. As a rule, refinancing is not beneficial unless the new interest rate is at least 2 percentage points lower than your existing loan.
Reasons for Home Loan Refinancing
1.
To reduce your monthly payments by switching to a lower interest rate.
2. To consolidate debt.
3. To reduce the term of your loan (the payoff period).
4. To draw on the equity accumulation to get money to use for other things.
5.
To convert an adjustable-rate mortgage to a fixed-rate...
When Should You Refinance Your Home Loan?
Mortgage > When Should You Refinance Your Home Loan?
Briana Kriebel Banner Named Branch Manager for National City Bank in Sewickley
SEWICKLEY (ContentDesk) November 14, 2005 -- Gary Flasco, vice president, district sales executive for National City has announced that Briana Kriebel Banner has been named branch manager of the National City bank branch at 400 Broad Street in Sewickley.Previously, Banner served as office manager for National Citys bank branch in Oakmont. She joined the bank in 2003 in the Retail Management Development Program.
Flasco said, We are fortunate to have an outstanding individual such as Briana to lead the initiatives for our Sewickley bank branch. Her exceptional interpersonal skills, professionalism, and dedication to the community will serve us well as we continue our commitment to provide the highest quality retail, commercial and investment products to individuals, families and businesses in the Sewickley area. We welcome her to our bank and invite everyone to visit the branch to meet Briana and her team.
Their number one priority is to do everything possible to simplify...
Briana Kriebel Banner Named Branch Manager for National City Bank in Sewickley
Mortgage > Briana Kriebel Banner Named Branch Manager for National City Bank in Sewickley
Mortgage Early Payoff Without Refinancing Classes to Begin
Sedona, AZ, October 16, 2006: Mortgage reduction co-authors Lin Ennis and John R. Barker will run an eight-week mortgage makeover class by teleconference, based on their 96-page how-to manual called Let Your Mortgage Make You Rich!
Most mortgage reduction programs (also called "early payoff") suggest various ways of paying extra, whether by rounding up the monthly payment and specifying the additional as "principal only," or by paying biweekly, which adds an extra payment per year. Unlike those, Let Your Mortgage Make You Rich! also describes a technique that does not require paying extra in order to quickly reduce mortgage principal.
The eight-week course will be conducted by telephone, beginning October 24th, 2006, allowing participation from anywhere in the world. The hour-long sessions will include teaching, specific action steps, and personal mortgage makeovers for the first 25 participants enrolled. The objective is to show people how to get out of...
Mortgage > Mortgage Early Payoff Without Refinancing Classes to Begin
Is Your Adjustable Rate Mortgage About To Destroy Your Financial Future?
Winder, GA (ContentDesk) June 26, 2006 - With the economy moving strongly forward, inflation is on the rise which also means that home loan rates are on the rise. With over two trillion dollars in Adjustable Rate Mortgage (ARM) loans set to start adjusting in the next two years, many homeowners are going to be shocked when their payment adjusts.Most consumers are unaware of the fact their rate and their payments are getting ready to increase dramatically. And unfortunately, there are also cases where the consumer may be unaware they even have an ARM, let alone that it is getting ready to adjust very soon. Many economists are concerned that when the payments start to increase, it will have a massive impact on consumer spending&which in turn, will impact the US economy as a whole.Homeowners need to be made aware of the facts surrounding these issues as soon as possible, so that they can evaluate their options and make good decisions for their future. This is especially important if they...
Is Your Adjustable Rate Mortgage About To Destroy Your Financial Future?
Mortgage > Is Your Adjustable Rate Mortgage About To Destroy Your Financial Future?
How I Became a Hard Money Lender
Unlike other investors, my venture into real estate was a natural extension of my secondary business as the IP Ware software developer. However, opportunity and perseverance beget wealth, or at least a decent side income. Aside from my ventures into lease optioning residential property, I and my partner have managed to acquire a number of properties with our own credit. However, when looking at our finances and the return we were getting for the amount of effort involved, we both decided there must be a better way. That is when it occurred to me.
Instead of trying to leverage our existing assets for a diminishing return, perhaps we could be the bank.Here is the scenario as it has played out. First of all, we control a decent number of properties with our own credit. Most were purchased with 100% financing using multiple capital sources. However, each contains only a primary lean and is financed using standard mortgage terms. Subsequently, there is a 20% secondary credit position...
How I Became a Hard Money Lender
Mortgage > How I Became a Hard Money Lender
How Affiliate Marketing Saved a Siberian Husky in Time for the Holidays
During the winter holidays, it's usual for friends and family to get together in celebration. But this year, an unusual kind of family came together, leading to an unusual celebration.In late November, a Siberian Husky named Blue was rushed to the hospital. Because his fur is a light yellow, owners Chris and Nok Sanderson hadn't noticed that the dog had become anemic, and by then he was very ill. In fact, according to the veterinarian ... Blue was about to die.Luckily for Chris, his work is all...
Mortgage
Mortgage > How Affiliate Marketing Saved a Siberian Husky in Time for the Holidays
Mortgage razr phone Mortgage Free In 15 Years!
New Dawn? Direct Foam? Absorbs 10 Times More Grease Than Traditional Dishwashing Liquids
CINCINNATI (ContentDesk) August 15, 2005 -- Cleaning a sink-full of greasy dishes can be even more challenging if the grease hitches a ride on the sponge, transferring from one dish to the next. Now, Dawn introduces an easier, cleaner way to clean dishes with Dawn? Direct Foam?, the latest innovation in dishwashing. ???Dawn Direct Foam is the first dishwashing product designed to absorb grease. It stops the frustrating and time-consuming grease cycle, so grease is no longer transferred from...
Mortgage New Dawn? Direct Foam? Absorbs 10 Times More Grease Than Traditional Dishwashing Liquids Mortgage Free In 15 Years! vacuum
Mortgage > New Dawn? Direct Foam? Absorbs 10 Times More Grease Than Traditional Dishwashing Liquids
Pod Coffee Makers
The coffee industry is constantly searching for ways to make life easier for a coffee enthusiast. The pod coffee maker is specially created for the impatient coffee drinker on the run. No more waiting each morning for the coffee pot to brew. Pod coffee makers do the job in just two minutes. Pods are single serve packets of ground coffee, individually sealed for freshness.
These pods look like large tea bags. They contain the exact amount of espresso required to deliver a perfect cup every...
Mortgage
Mortgage > Pod Coffee Makers
Make Your Next Home a Resort Guides You through the New World of Resort Property Ownership
May 25, 2005 -- Second homes on or adjacent to resorts and hotels are one of the fastest growing segments of the real estate boom. For good reason. They are a big improvement on time shares. Make Your Next Home a Resort, the 2005 Guide to Condo-Hotels, Resort Residences and Fractional Shares shows how these new forms of ownership address the deficiencies of time shares and takes readers through the process of finding and buying the best deals on resort homes. The e-book includes:- Advantages...
Mortgage Make Your Next Home a Resort Guides You through the New World of Resort Property Ownership hotels
Mortgage > Make Your Next Home a Resort Guides You through the New World of Resort Property Ownership
Cover Up Your Wishes Financially With Secured Personal Loans
At present, loans are the platform on which your dreams, your wishes, your wants revolves and converts to reality. The increasing cost of living is diverting people towards loans to fulfill their needs. With lenders offering you secured personal loans at attractive interest rates taking a loan has become so easy.
Secured personal loans are secured against your home, car, boat or any other valuable property of yours. The value of property offered by you helps in determining the loan...
Mortgage > Cover Up Your Wishes Financially With Secured Personal Loans
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