Profile PictureBuilding Arks With Jason Clendenen

Why 15-Year Mortgages Are A Bad Idea - Learn what to do instead.

Many people believe that paying off their mortgage early is a good idea, so they go for 15-year loans to make it happen.

I don’t disagree, but I prefer to do it in a different way that involves far less risk.

You can pay off a 30-year mortgage in 15 years, but you cannot pay off a 15-year mortgage in 30.

If you want to pay your mortgage off early, go for it. Take a 30-year mortgage and make extra payments every month or every year.

If you take a 15-year mortgage, and your life situation changes, you cannot easily back out and start paying at a slower pace.

If you are still on the fence, you need to read this article about why real-estate investors agree:

Why Real Estate Investors Don't Use 15-Year Mortgages

Thanks,

Jason

Founder, Building Arks


Want to start earning extra income by writing on Medium? I earned over $6,000 my first year. Join here to become a member for only $5 per month. I will earn a portion of your subscription fee at no additional cost to you, and you will get unlimited access to thousands of articles from authors like me plus the ability to start your own writing business.

0 comments

Current user avatar

10 Ideas For Education

Will A Raise Make You Rich?

10 Ideas For Traffic - Idea challenge part 3.

10 Ideas For Pollution - Idea challenge part 2.

10 Ideas For Climate Change - Idea challenge part 1.

See all posts from Building Arks With Jason Clendenen

Powered by