In previous articles, I have written a lot about buying a home or an investment property. Well, if you are fortunate enough to have a home and/or an investment property, or when you do have one in the future, you need to think about the mortgage and its long term effects.
The most common loan today is a 30-year fixed rate mortgage. However, many of us do not think about the long term effects of it, but it is important to do so. The ultimate goal when you are planning for your retirement and when you are looking at a healthy financial portfolio and future, is to pay off your mortgage or mortgages. Below are some ideas for you to consider to achieve this goal and to help you plan for your future.
Get a shorter term loan – When you think of a home mortgage, most people think about a 30-year fixed rate home loan. However, there are shorter term loans that are available to you, like a 15-year mortgage. The big advantage of having a shorter term loan is that you pay off your mortgage faster. The disadvantage is that you will typically have a higher mortgage payment.
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