How to Get the Mortgage Monkey Off Your Back

Real Estate Podcast with Brian Lessinger

Today we’ll be looking at how to get your mortgage to a manageable position. When you have a 30-year fixed-rate mortgage, you’re paying a lot more in interest during your initial payments. It’s not a situation where the same amount goes to your principal and your interest each month over the life of the loan. On average in 2018, people are only putting about 5% down on their homes. Most people are only staying in their homes for five or six years before moving; the payments made during those years are mostly going toward interest instead of the principal. “You may be surprised at how much less interest you’d pay and how many fewer payments you’d make by adding some money to each monthly payment.” We have some tips to help you get a bigger amount of the principal when you go to sell or refinance your home. By following this Excel tutorial for a loan amortization schedule, you can see for yourself how much interest you’re paying versus principal, as well as the difference that extra payments could make. You may be surprised at how much less interest you’d pay and how many fewer payments you’d make by adding some money to each monthly payment. You can find some great ideas on lowering the interest you pay from Brian Buffini’s podcast. People who buy and own real estate are 44 times wealthier in the long run, so you definitely don’t want to spend years and years paying interest instead of building equity. If you’d like to see how we can save you thousands in interest payments, feel free to reach out to us. We can walk you through the process and help you find the perfect plan for conquering your mortgage.