Do THIS Before Paying Off Your Mortgage

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Jennifer Beeston

Күн бұрын

Пікірлер

@viningscircle 6 ай бұрын

I have aggressively arrived at the understanding that I will not be paying off my mortgage before I croak. 😆

@noe6499 6 ай бұрын

I appreciate the advice

@davidr9113 6 ай бұрын

thank you for the advice

@MewKiyoko 6 ай бұрын

I remember when interest rates were lower and it was more beneficial to invest elsewhere like you suggested. I was really hoping that could be me, but I wasn't in a position to buy then. It hurts to look at properties now, and I can't help but feel guilty for paying so much for a house that was worth half the amount just a few years ago. It kind of seems like it'll only get harder and harder to enter the market though, so I'm trying to be optimistic about having the opportunity at all.

@brianbutterworth6107 6 ай бұрын

Don't get discouraged when people tell you that interest rates were MUCH higher back in the day. My coworker laughs when I bring up my 6% APR on my mortgage because she got into her first home 40 years ago when her rate was around 17%. What she forgets to consider is that 17% on $45,000 is a LOT LESS money than 6% on $210,000. Interest rates will go down I believe, but it could be 2 years from now, or 12 years from now. I think it's best to just get into the home as soon as you can afford it, or you'll spend years renting, wondering when the rates will go down to 3-4% from 6-7% where they are now. You'll make up the difference in other ways you probably haven't thought about. Amortization is key too. Every payment you make on your home gets you closer to the end. With every payment, you pay a little more towards principal and a little less towards interest. Any extra principal payments are just a bonus (I do an extra $100 each month). I've been in my first home almost 2 years now and have seen huge gains in that short time (home value has already gone from $193k to $250k) It gets better. You just have to get started.

@caroljackson1313 6 ай бұрын

Great info. I have been looking for your video on choosing a home 101 where you stated there was a worksheet?! What is that video called? Thank you

@radix3d 5 ай бұрын

Even if your mortgage rate is higher I don’t recommend paying it off early. It almost never makes sense to pay off your mortgage early or to get a 15 year mortgage. It would make sense to someone that is terrible with money and needs a paid for house as they approach retirement. It’s hard to explain why to someone with no experience in finance though. I try telling people, but explaining stuff like opportunity cost and time value of money goes over people’s heads 😂.