Re: Lazy borrowers
I know people take the 30 year mortgage on their house to get the lowest payment. I try to take the shortest mortgage and make bigger payments.
I bought some land last year and borrowed $64,000 after putting down 20%. I make the regular payment each month plus add as much extra as I can. I have paid it down to under $38,000.
I just got notice from my bank that the rate is going up this year , but my payment has gone down over $240 a month. They don't want me to pay it off early. but I am going to continue on with the regular payment plus extra on the principal each month.
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