Lies You’ve Been Told About Your Mortgage – Episode 129
Summary:
Should you be prepaying your mortgage or getting a 15 year mortgage instead of a 30 year mortgage? Today our hosts best selling author Kim Butler and co-host Todd Strobel sit down to tackle one of the most pervasive lies in the financial industry: you should be trying to pay down your house as soon as possible. They talk about the flaws that home equity has as an asset, alternative places to store your money, and the value of peace of mind. Tune in to find out how to take control of your finances today!
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Links in this Episode:
Show Notes:
00:00 Intro
00:44 Prepaying Your Mortgage & 15 Year Vs. 30 Year Mortgages
01:41 Why Prepaying Your Mortgage is Not the Answer
02:30 Why Home Equity May Not Be the Right Asset for You: The CLUE Test
06:27 What About Interest?
08:24 Busting the Interest Rate Lies
09:39 The Times When Peace of Mind Overrides the Financial Decision
10:32 How to Compare a 30 Year to a 15 Year Mortgage
14:32 What is a “Run Rate”
15:39 Resources
16:34 Outro
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