The BIG Piggy Bank
For many of us savings can be a struggle. Even if we do save, sometimes unexpected things happen, and the savings are spent. A very good place to “Save Money” is in your home. We are often focused on the appreciation of a home (and we should be – it’s a wealth builder). However, each month when you make a house payment, part of that payment goes to principal and reduces the loan amount. In the example below based on buying a $400,000 home, you save money over 10 years from renting but more important is the appreciation gains and the amortization gains. A triple win.
Don’t let the rates today stop you from buying. You can refinance when they adjust down. Trust me, I know, I started in lending in 1982 when mortgage rates were 17.5%! #DivorceRenting