Buying a home is one of the most important decisions
you will ever make. Dave Ramsey recommends the
you should do to begin this process is
Evaluate Your Finances.
To do this, Dave suggests:
1) Get your finances in order: Calculate how much
you can afford.
2) Get pre-approved for a mortgage.
Why Dave Says a Fifteen Year Mortgage is Best
Two Main Reasons: 1) Lower Rate; 2) Less Interest Paid
On a loan amount of $100,000 at an interest rate of 6.00%, at the end of those 30 years, you will have paid $115,841.43 in interest!
That's like paying for the home twice!
15 Year (usualy .25% better rate)
With the same loan amount at an interest rate of 5.75%, at the end of those 15 years you will have only paid $49,477.75 in interest!
That's a savings of $66,363.68 - or about two thirds of the value of the home!
Question: Do you have a real plan in place for paying off your mortgage early?
Churchill Can Help
Buying a home can and should be a fun, exciting experience. It will probably also be the single largest investment you ever make. For this reason, it is important to get as much information about everyone and everything involved in the process.
Eliminating much of the guesswork can make you a much more informed buyer, so your home purchase can be a joyful experience. It has been said that there are two primary ways that we learn: one is by personal experience, and the other is by listening to the experiences of others. When it comes to your finances, home, and family, most people would choose to learn from the experiences of others.
Every day, homeowners make costly mistakes during the refinance process, like buying more house than they can reasonably afford. This is partly due to enthusiasm, and partly due to lack of knowledge and experience.
To help you keep your sanity (and your cash), we have created many resources to help you become an educated homebuyer and avoid the mistakes that others have made before you.
Please select a topic that interests you, or speak with a loan specialist for more information:
Call Monday-Friday and discuss your needs with a Specialist: 1-866-722-7922