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Why I hate Mortgages

Why I hate Mortgages

Yup. I never did like mortgages..

Suppose you need to borrow a mere $100K from a mortgage lender. (This is after you've given the seller your down payment.)

You get a 15 year fixed mortgage at the "incredibly low rate" of 3%.

That's 3% per year, so it's 3*15=45% over the life of the mortgage. That's $45K.

So, for the pleasure of borrowing just $100K you pay a fee of $45K (in addition to paying the $100K back.)

Moral of the story: If there's any way you can avoid a mortgage do it. Sadly many can't and are stuck with crazy monthly payments forever.

Content written and posted by Ken Abbott