Mortgage Loan

fifteen Year vs. thirty Year Home loan: Which 1 Is Far better? #AskTheMoneyGuy





fifteen Year vs. thirty Year Home loan: Which 1 Is Far better? #AskTheMoneyGuy

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14 comments

  1. Great channel guys just found it. I financed my house for 30y paid on it for 11 and just refinanced it for 10years. My income is higher now so i went for it. I didn't think they would go with 10y but it was no problem

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  2. 27 and I have a 15 year at a rate of 4.25% with a balance remaining of 87k. Would it be or when would it be worth refinancing to a lower rate to either a 30 or 15?

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  3. A house mortgage is a leveraged loan so it’s best to put your money in other properties.

    Put mortgages on as long as possible and make sure you can overpay each month..its best to have cash flow just in case of interest rates suddenly rise or something bad happens like job loss…also extra cash for the next recession.

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  4. I like to get a 30-year mortgage, but pay like it's a 15-year. A lot of the payment reduces principal, but if things get tight you are able to reduce your payment. In five years, I've paid off 35% of my 30-year mortgage.

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  5. Disagree 15 year is better if you are younger and 30 year is better if you are older. I'm a loan officer, all l do is analyze this stuff.

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  6. What's with all the U-turns, did you guys get lost? 😂😂😂

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  7. Curious. My wife and I bought a house in 2016 on a 30 year mortgage. Our mortgage is $950/month. In 20 years our mortgage will still be $950/month.
    Does inflation play any role in this decision ?

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  8. Pay that sucker off as fast as you can. If you buy a house at age 25 and it’s paid off age 35 — now you can work pretty much wherever you want to, because you will have good cash flow — and you can move at anytime or rent out. If you don’t pay off — if your working a job you don’t want to, you have to stay if it’s high paying. Now you’re a slave to the mortgage company and your job. Pay the house of fast — now you r free to do whatever in your life.

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  9. 15 year buys less house than a 30 year (25% rule). IMHO .. you have to run the numbers before you start looking for house to buy. Obviously if one can afford to buy a house with cash (w/out depleting all your financial resources), do so. Most people can't.

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  10. I completely disagree. Yes I have a engineering degree and I know the math but VERY few people save what they do not spend.

    If you are talking to the masses then what they should really do is save a LARGE chunk of money and buy a house they can afford with cash. If you want to remain part of the 78% living paycheck to paycheck then let the rat race begin for the next 30 years. Even more insane is to roll your house and cars over often. Banks love this because real estate and cars have enormous fees for the transaction. Banks already take 3% of everything because you buy on credit cards. This is a "hidden" cost.

    People who take out a 30 year mortgage spend what they have left. THIS is the real reason to take out a 15 year mortgage. And quit refinancing your house. Pay it off. You can count on one hand people who never touched the equity in their house and paid it off. People move every 7 years on average.

    People should get out making banks rich. When you are in your 20s you should house hack or save over half what you earn to set yourself up for life. Don't spend your whole life broke. Buy something very modest and pay it off. You are NOT impressing anyone who matters. Problem is people rarely wise up until later, much later.

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  11. We bought our house in 1995 we just got married and in our early 40’s, the interest on the house was 8% 30 year mortgage we added $100.00 a month to the payment the house appreciated some after a couple of years we decided to refinance the house to a 15 year mortgage for 5.50% we paid cash for all closing cost did not want it added to the mortgage we once again refinanced the house to a 5 year mortgage for 4.0% we paid cash again on closing cost we paid the house off in 14 years saved 16 years of payments we were told we saved about $73.000 in interest payment and we also became debt free in 2009 the house we bought was 2.3 times our annual earnings today most folks pay 5 to 6 times annual earnings, houses are way over priced today, in 2008 we lost most of our neighbors to foreclosure I believe it will happen again in the near future

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  12. What are your thoughts on getting a 30 year mortgage, but instead of paying it down early….investing the extra money you have each month instead?

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  13. Enjoy your show!!

    Reply
  14. Let's hope Bo's biggest fan sees the new addition to today's intro. Haha. Love it!
    Great video as always.

    Reply

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