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 firstname.lastname@example.org