Smart Homeowners Learn Mortgage Basics with David Bach
by Mortgage Rates on Monday, November 1st, 2010 | 4 Comments
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you can easily find online mortgage calculators and run the numbers to see what im saying
you also are buying a house that you only owe 80% of market value for the day you sign the loan
if you only owe 80% of the value of the home the day you buy it you can easily sell it and have a nice pile of cash any time you want or need to
and youll never be like many people out there right now who have lost their home because they lost a job and cant sell their home because they have no equity
this is good info , but it will keep you in debt much longer and cost you alot more money in interest unless you are VERY disciplined with extra payments
the best bet is a 15 year , fixed mortgage with 20% down to avoid pmi insurance
20% down sounds like alot to some people , but it simply means you rent a bit longer , which will pay off HUGE when you get the mortgage and see how much you will save unlike people who only put down 5% and buy a few years sooner
Great information, David! if only more homeowners had listened to your advice before committing themselves to loans they could not afford…
Thanks David, this was easy to understand and very helpful