The Long Game What Type of Mortgage Do I Want? How Much Should I Put Down?
Mar 14, 2025
Dive into the world of mortgages and discover essential insights! Uncover the differences between 30-year and 15-year fixed mortgages, along with interest-only loans and adjustable-rate options. Learn when refinancing makes sense and explore the benefits of home equity lines of credit as a financial safety net. This conversation is packed with valuable information for anyone navigating their home financing journey!
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Celebrate Milestones
- Celebrate business milestones, don't wait for the sale.
- Set goals and corresponding rewards, like a dinner or a trip.
Mortgage Types
- Mortgages are loans on houses, with the type determining payoff speed and interest rates.
- Common types include 30-year, 15-year fixed, interest-only, and adjustable-rate mortgages (ARMs).
30-Year Mortgage Benefits
- Thomas prefers 30-year mortgages for flexibility, despite higher interest rates.
- This allows for lower payments and the option to pay off in 15 years if desired.