Getting the Mortgage Monkey off your Back.
Owning a home is one of the most common ways to build equity and wealth. This process usually involves a mortgage. While the length of this loan might seem intimidating, it is possible to pay it off early depending on your circumstances.
When looking into mortgages ask your lender if you will face a penalty by paying off your mortgage early. Each loan has specific prepayment privileges. Many plans limit the amount you can put toward a prepayment. If prepaying is a priority to you, you may want to consider a more flexible type of mortgage. Here are two main types of mortgages.
OPEN MORTGAGE CLOSED MORTGAGE
Higher interest rates…