1807: 5 Reasons to Choose a 15-Year Mortgage by Andy Hill of Marriage Kids and Money on Home Financing Decisions

Optimal Finance Daily - Financial Independence and Money Advice

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🗓️ 19 February 2022

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Andy Hill shares 5 reasons why you should choose a 15-year mortgage Episode 1807: 5 Reasons to Choose a 15-Year Mortgage by Andy Hill of Marriage Kids and Money on Home Financing Decisions Andy Hill is a husband and father to two awesome (and crazy) kids and they hail from the great state of Michigan. His goal is to give his family the best life possible and strengthen their family tree for generations to come. In 2016, he got so geeked about this topic of young family finance that he decided to start a blog and podcast about it. It began as a hobby and then morphed into a fun side hustle when people started to enjoy the information he was sharing. Fast forward to today, he’s left his corporate event marketing career behind and is now a full-time blogger and podcaster who has been featured in major media outlets like CNBC, Kiplinger’s Personal Finance and NBC News The original post is located here: https://marriagekidsandmoney.com/5-reasons-to-choose-a-15-year-mortgage Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily Episode 1807, five reasons to choose a 15-year mortgage,
0:07.9	by Andy Hill of MarriageKids and Money.com. And I'm your host and personal finance enthusiast,
0:14.8	Diana Mariam. Before we get to it, have you subscribed to our other podcasts? We cover personal
0:21.6	development and minimalism, health relationships, entrepreneurship, and life advice on the other shows.
0:28.6	Just search for Optimal Living Daily wherever you get your podcasts to find them.
0:33.6	But for now, let's get to today's post as we optimize your life.
0:42.4	Five reasons to choose a 15-year mortgage, by Andy Hill of MarriageKids and Money.com.
0:51.0	Three years ago, Nicole and I moved into our forever house. It was love at first sight.
0:57.5	Compared to our previous 1100 square foot bungalow, this new tri-level home had a bigger yard,
1:04.6	an open floor plan, and neighbors that became instant friends of ours.
1:09.4	When it came time to choosing the mortgage, we didn't want our dream home to turn into a nightmare.
1:15.6	After doing some research, our mortgage strategy went something like this.
1:20.8	Mortgage situations we avoided.
1:27.6	These are mortgages where you only make monthly interest payments and the principle of the loan does not decrease.
1:35.4	If the principle of the loan never decreases, you are going to be paying on that mortgage for a long time.
1:42.8	Number two, adjustable rate mortgages or ARM.
1:47.4	This is a home loan where the interest rate adjusts after a set period of time,
1:52.3	typically three, five, or seven years, and could result in a higher rate than you originally started with.
1:59.5	As the interest rates are starting to increase, this could be a very dangerous loan to be in,
2:05.4	if the term of your ARM is about to expire.
2:09.3	And number three, private mortgage insurance or PMI.
2:14.3	This insurance protects the mortgage company from your potential default on the loan
	...

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