How the Affluent Manage Their Equity to Conservatively and Safely Build Wealth
By Chad Trease, Production Manager
(Trease Mortgage Group at PrimeLending)
If you had enough money to payoff your mortgage,would you? Many people would. If the "American Dream" of owning your own home outright with no mortgage is so wonderful, why do thousands of financially successful people-who have more than enough money to pay off their mortgage-refuse to do so?Most of what we learned from our parents and grandparents about mortgages is no longer valid. They taught us to make a big down payment, get a fixed-rate mortgage, and make extra principal payments to pay off your loan as early as possible. Mortgages, they said, are a necessary evil at best.The problem with this rationale is it has become outdated. The rules of money have changed. Unlike our grandparents, we will no longer have the same job for 30 years or depend on our company's pension plan for a ...
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