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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:
1. Lower Interest Rate:
The 15 year amortized fixed rate loan carries a lower interest rate.
2. Huge savings on Interest Paid:
Do you want to save a ton of money? A 15 year fixed will accomplish this for you.
What would YOU do with $206,289?
3. Mortgage Paid in 15 years:
Because the loan is amortized for 15 years, instead of 30 years, your commitment to the bank is cut in half.
Any way you look at it, cutting your commitment down to 15 years affords you many more options in life.
So we've established that a 15 year loan clearly has some amazing benefits. But, is the 15 year loan right for you? Let's take a look at some important considerations:
Even though the 15 year fixed rate loan enjoys a ½% savings in interest, there is still the question of affordability.
Can you afford the long-term commitment of a 15 year fixed rate loan?
5. Expendable Income
The 15 year fixed rate loan is an important consideration if you have extra income and you are looking to apply it somewhere. Ask these important questions:
If money's got you down, and things are tight, and if there are other financial areas for you to explore first (such as paying off credit cards), then perhaps the 15 year loan may not be right for you, at least not right now.
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.
Remember, money saved, is money earned!
We've enjoyed providing this information to you, and we wish you the best of luck in your pursuits. Remember to always seek out good advice from those you trust, and never turn your back on your own common sense.
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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.
About The Author
Copyright 2005, by LoanResources.Org , This article is available in full format at: Mortgage Free , Tom Levine provides a solid, common sense approach to solving problems and answering questions relating to consumer loan products. 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.
MORE RESOURCES updated Thu. March / 04 / 2021
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