January 11th, 2017 5:09 AM by Jackie Graves, President
You can do a lot in three minutes: run a
quarter-mile (maybe more!); brew three cups of Keurig coffee (and be well on
your way to a caffeine high); and pump yourself up by listening to Queen’s “We
Are the Champions” (with one second to spare). Another thing you can add to the
list? Get educated on the mortgage process.
From down payments to deciding between a 15-
and a 30-year mortgage, Trulia’s series of three, one-minute videos will
provide you a sound introduction to the home-buying process and what it takes
to secure a loan on that dream home for sale
in Seattle, WA. Grab some popcorn (or maybe one of those
coffees), sit back, and enjoy.
Meanwhile, if you put more cash toward your
monthly payment, you’ll actually end up paying less over time. There are a
couple of options to pay off your mortgage early — just make sure your extra funds are
going to the principal on the loan, not interest.
Thirty-year mortgages have always been the
popular choice: According to the Mortgage Bankers Association, 86% of people
applying to purchase mortgages in February 2015 opted for 30-year loans, and
that number is not atypical. But if you can afford it, 15-year mortgages can be
a smart financial move — you’ll build equity in the house faster, pay less in
interest over time, and reduce pressure on your monthly budget in your later years
(read: early retirement!).
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