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You don’t need to maintain a sky high salary during the length of a 30 year mortgage though. You can refinance every 3-5 years to reduce your monthly payment as
by dglass 5y ago
You don’t need to maintain a sky high salary during the length of a 30 year mortgage though. You can refinance every 3-5 years to reduce your monthly payment as you pay down the principal.
Your mortgage payment can go down quite significantly over 30 years while paying rent will go up quite significantly over 30 years.
- seanmcdirmid 5y agoYou don’t need to refinance to reduce your payment. You would only refinance to get a better rate or to cash in some home equity. If you prepaid a lot of principle and simply want re-amatorize into a lower payment, you just need to recast your loan, which is pretty cheap (~$300 for my mortgage company).
- jjav 5y ago> Your mortgage payment can go down quite significantly over 30 years while paying rent will go up quite significantly over 30 years. Very true. This is the key that makes buying so attractive.