Owning Your Home Shouldn’t Take Decades

Frank purchased a Vacation Home in Wildwood NJ last year. The property was bank-owned and needed repairs and updates. After a year of updating the house, his overall goal was to shorten the term to 15 years instead of 30 years. Instead of pushing an interest rate and term to him, I listened to what Frank’s true goal was: to shorten his mortgage term and pay it off faster. I was able to shorten his term to 15 years and lower his interest rate as well!

While many people are understandably having cash flow issues during the crisis, there are also those who want to take advantage of the market and create more equity for themselves. Shortening the time from 30 to 15 years means you own your home outright much faster and with the much lower interest rates. In addition, by paying off his home faster not only did Frank remove the monthly payments, but he now has a great investment asset he can use for other purposes.

 – Greg Watson