Mortgage question-why so high?
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I have a $152k mortgage that is 1200+/mo including homeowners insur and prop taxes - In the beginning of a mortgage - your payment is about 80% interest and 20% principle - it slowly reverses over time - you're not doing the calculation right if you're coming up with a lower number - just multiply 5% x 200000 - that's 10,000 in interest the first year - about 800/month - then you add principle, homeowners insurance and real estate taxes to that and it adds up fast, plus your taxes and interest with change every year or two so your payments will keep increasing - it's just the way it is
Mortgage question-why so high?Great question!
As a retired Mortgage Banker who has taught thousands of loan officers how to earn incredible incomes, I would love to answer it. There are SO many people hungry for answers to such a great question, that addressing them one at a time is SO ineffective. I have a free report available that anyone can access to get educated about all the "dirty little secrets" of this business and HOW we as a society ended up in such a mess.
It bothers me greatly that so many people, young AND old, have been taken advantage of and NEED answers to prosper financially and not become a mortgage victim. If you DON'T get educated BEFORE making a decision, you're next in line to be ripped off. Count on it.
I've been posting answers under numerous aliases on Yahoo! because I have to keep creating new accounts to do so. It seems the "establishment" prefers to keep the public in the dark when it comes to exposing the truth about anything which could actually help them avoid catastrophe. When faced with a serious choice about something in your past think about what you should have been made aware of by someone in "authority", but weren't. If you knew what "they" knew, wouldn't you have made a better decision?
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