Paying Off Your Mortgage Has Never Been Easier

Guest blogger, Kyle Green, talks about how paying off your mortgage has never been easier. Sounds good to me!

Although money has been really tight lately, the ray of sunshine has to be the incredibly low interest rates. Currently, with many lenders at 2.89% for 5yr fixed rates, over a 25 year amortization, 48.8% of your very first payment goes towards principal, and by the end of the 5yr term 56.2% of your payment is principal. Even with no appreciation it’s hard to go wrong with home ownership.

Going back to the grimmer side of financing, we’ve seen a growing trend with lenders wanting to use the full available limit of a HELOC to qualify a client, which is very counter-intuitive to what we have been advising our clients to do. If you run into this problem with your bank, you should be aware that although some lenders that are doing this, there are many others that aren’t.

Make sure you are prepared financially before writing an offer that new home this summer, so you can avoid issues with financing. Especially if you are an investor!

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