Mortgage Loans Are GOOD!
–By Priya Jestin, Staff Writer
Let me confess — I’m tired of my debts. I wish I could pay them all off and be free. I don’t want to pay interest on my home loan, car loan, mortgage… the works. And it’s not like I cannot pay off at least some of my loans. So, why am I cribbing?
Because paying off my mortgage may not be such a good idea after all. Experts say that our home is like a piggy bank. The bank is full with money we’ve already put in. And we can take out this money with a home equity loan or we can put in more by taking an additional mortgage. And if you still think you have enough money to pay off your loan, you could try putting that extra money in a conservative investment.
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October 30th, 2006 at 10:09 pm
Priya, that was an interesting article which explains the time value of money. Indeed, mortgage loans are a good source of getting money and using it to manage present day finances. The line ‘Our home is like a piggy bank’ makes an impact and helps one to realize the importance of his house as an assset.
Here are some 5 tips on How to Slash your Home Finance Costs (http://www.bills.com/homeownerfinancearticlebills/):
1) Demand Better Service
2) Shop Around
3) Call in the Cavalry
4) Cut out all Extras
5) Throw some Money at it
Regards,
Steven