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Why Mortgages Should Not Be a Burden

There are people out there who are just annoyed by their mortgage. You know who I'm talking about because you have probably come in contact with them before. These people want to take care of their mortgage so much that it almost drives them insane. Well, we are here to tell you that your mortgage should not be something that causes a massive burden on you. Of course you need to pay this off, but you can do it in a way that really benefits you. The following are some reasons that your mortgage should not be a burden on you. This is a big decision that you should only make when you are ready. Your mortgage is so important to handle right.

You Can Stretch it Out

A good part about a mortgage is that you can stretch it out. You will get the option of a 15 year or 30 year mortgage, and sometimes the lender will let you go 20 years. If you take a 30 year mortgage then you are really cutting down on the amount that the payments are. Taking a 15 year mortgage might sound nice because it is done faster, but you will also have to pay more during this time period. That is when the mortgage can become a burden because it might get in the way of other financial obligations. Stretching out your mortgage can really take some of the financial burden away, and it is something you should look into doing.

Your House Can Help You Build Wealth

Another reason why your mortgage should not be a large burden is because your home helps you build wealth. First, hopefully you are building up equity within the home. This equity can be used to help you gain money for projects that you want to finish up. Another good thing is that your house will rise in value. If your house rises in value then you are making money. If you ever get in a tight financial crunch, then you will be able to sell your home for more cash and get out of some debt. You are paying a mortgage, but this mortgage is helping you build some wealth, so in the end it really becomes an even trade. Most people do not realize this.

In the End: Look Out for Your Needs

You need to take steps to make sure that your mortgage does not become a burden. This is why you need to research your mortgage and make sure you are getting the best deal you can afford before you sign on the dotted line. Your needs are so important during this process. You do not need a mortgage, what you need is a mortgage that pays off for you. This is why it is alright if you take some time and really get to know what you are getting into. Do not let the mortgage company rush you into any decision. Make sure you look out for your needs.

National Rate Averages

Mortgage Rates

Product Rate
5/1 yr ARM 3.147%
1 yr ARM 3.299%
15 yr fixed 3.221%
30 yr fixed 3.815%

Home Equity Rates

* Updated Jun 8, 2012