2007-03-24 08:40:32 · 5 answers · asked by Mortgage Pro 2 in Business & Finance ➔ Renting & Real Estate
Why 11 years when by making same payments as usual a person can pay one off in less than 9 years. I have done this several times over the decades of investing in real estate.
2007-03-24 09:19:00 · answer #1 · answered by Myron 4 · 2⤊ 0⤋
Yes, but why???? The money you borrow from the bank to purchase your home is the cheapest money you can borrow. I say take out as much equity as you can, and buy cash flow properties that will not only make the payments on those properties, but can also make your HOUSE payments!! I have helped many clients do this very thing!! I LOVE this country!!
2007-03-24 16:14:59 · answer #2 · answered by Terra B 2 · 0⤊ 0⤋
The only time that makes any sense is investmetn property.
Never pay off your promary residence. The write off is too good. You are wasting money doing that.
2007-03-24 17:28:19 · answer #3 · answered by Landlord 7 · 1⤊ 0⤋
Sure. Anything is possible. If you add extra money every month or every 2 weeks. Just make sure that your mortgage loan doesn't have the prepayment penalty.
2007-03-24 15:45:59 · answer #4 · answered by Tommy N 2 · 1⤊ 0⤋
Biweekly mortgage calculator: http://mortgage-x.com/calculators/biweekly.htm
2007-03-24 15:45:54 · answer #5 · answered by newmexicorealestateforms 6 · 1⤊ 1⤋