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Story Archives: Mortgage freedom could be reality


Mortgage freedom could be reality
by Bill Roark - posted Thursday, August 9th, 2012 @ 12:00 pmE-mail Story E-mail Story | Print Story Print Story 
Mortgage independence is a dream of every home owner. What could I do if only I did not have to make that monthly mortgage payment? We would all like to join in that now famous Dave Ramsey scream, "I am debt free."

Unfortunately, most will only experience that feeling when they are almost too old to enjoy it's rewards. But it does not have to be so. Most home mortgages today are the 30-year type in order to keep the payments affordable. Few take time to calculate their age when they will pay off their home mortgage, instead looking only at the payment and whether it is affordable. If you have one of those 30-year mortgages, it is never too late to do something about it.

The cost of a 30-year, $200,000 mortgage at 6 percent is $431,000. On an 8-percent $200,000 mortgage the cost is $528,000. You now know how the banks and mortgage companies are able to build the elaborate facilities to house their money making business.
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Bill Roark is a Commercial Associate Broker at Keller Williams Realty and may be contacted at bill_roark1@yahoo.com.
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