Over the years many home owners have lost site of a goal that I think ever homeowner should have.
The goal is: PAY OFF YOUR HOUSE BEFORE YOU RETIREMENT
Unfortunately banks, home improvement companies, mortgage broker, loan officers, homeowners fell into a trap. They started using their home as a bank. They started using the home to pay off credit cards, finance cars, take trips, make home improvements.
Of course the mortgage industry encouraged this action. They make money each time you refinance. Banks offered home equity loans up to a 100% of the houses value. Instead of paying down the mortgage many home owners were going in the opposite direction. They were increasing the debt. Increasing the years of the mortgage.
So as a first time homebuyer plan to pay off your house. Plan to make home improvements without taking out a home equity loan. Live within your means and don't use your house as a bank. There are ways to pay off your house early. But the bottom line is you will be glad when you retire to have your your home paid off.
It will be great to have no mortgage payment in your golden years.
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My Month of December quote:
~ Mark Twain”
Russ Ravary
"helping make your move easier"
your local Metro Detroit Realtor helping clients like you sell and buy homes through out the entire Metro Detroit suburbs. I love showing and selling Oakland County and Livingston County Lake front homes too.
