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!).
By Trulia - To view the original article click here