On today’s fun-sized President’s Day show it’s all things mortgages…..
– Pay off your mortgage early or save for retirement?
– 15 or 30 year loan?
We’ll tackle these debt questions AND cover the story of a man arrested for paying his property taxes….arrested for paying taxes? How does that happen? We’ll explain.
We have a fantastic roundtable set today. Roger Whitney, the Retirement Answer Man, hops in the copilot seat, along with Paula Pant from Afford Anything and Greg McFarlane from Control Your Cash and Investopedia.
<> Grab the Paper – Headlines
<> My Dad’s Shortwave Roundtable
Making Money as the Fed Raises Rates Won’t Be Easy
Fidelity and high fees?
<> End Show/Movies
Gen Y Finance Guy
I totally agree to go for the longer term mortgage and amortize it quicker. That way you have some built in flexibility in case something unexpected happens.
I understand the argument though for people that are not disciplined enough to make the extra payments to go for the 15 year to make sure they stay on track.
But if you buy a house that is less than you can afford (I mean finance), then you should’t have a problem making extra payments on a 30 year loan.
My wife and bought a house that was half as much as we were approved to buy. So that allowed us to have a payment that is something like 15% of our gross income (depends on the month).