mortgage simple definition: Debunking the 15-year Mortgage Myth

Debunking the 15-year Mortgage Myth

Debunking the 15-year Mortgage Myth. How to Determine if it's Advantageous to Get a 15 Year vs 30 Year Mortgage

Debunking the 15-year Mortgage Myth video duration 35 Minute(s) 51 Second(s), published by Wealth Without Wall Street on 02 08 2018 - 16:45:09.

Listen to the full episode here: http://www.wealthwithoutwallstreet.com/ep010/ For the average Joe looking to buy a home or a second vacation home, the Do you know the answers to these questions when it comes to a 15-year versus a 30-year mortgage? Find a real estate agent to make you more money on the .

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It only takes 3 minutes! http://bit.ly/2YTMuQM Visit the In many situations, paying off your mortgage early could potentially be costing you hundreds of thousands of dollars…and I'll run the numbers to show this based Ron Henderson President/Broker of Multi Real Estate Services and Gov't Affairs Chair for California Association of Mortgage Professionals gives an overview on .

Listen to the full episode here:
http://www.wealthwithoutwallstreet.com/ep010/

For the average Joe looking to buy a home or a second vacation home, the process of choosing which loan can be overwhelming. To be perfectly honest, it reminds me a lot of our tax-code (which I have a strong distaste for).

I am all too familiar with this overwhelming feeling because as I type these show notes I am in underwriting and set to close 10 days from now.

While we are not going to go into full detail of all mortgage options today, we are going to identify what we believe is the best strategy to paying off the mortgage.

Shockingly, it is not the 15-year mortgage.

In most scenarios, we strongly believe stuffing the additional monthly payment a 15-year mortgage includes is not beneficial to you.

Why?

Put simply, we believe an additional $6,000 - $12,000 (assuming the additional payment is between $500 - $1,000 per month) can earn more and present a greater opportunity by being stored elsewhere. Not to mention, which house will sell quicker? A paid off home or a home with a 90% balance left on the note.

It doesn't impact the sale, of course.

Food for thought in today's podcast episode regarding the 15-year mortgage vs. the 30-year mortgage.

Take a listen to decide for yourself which is best for you and your family.