3057: 5 Reasons to Choose a 15-Year Mortgage by Andy Hill of Marriage Kids and Money

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4.4 • 1.3K Ratings

🗓️ 1 March 2025

⏱️ 9 minutes

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3057: Andy Hill shares how this decision helped his family stay disciplined, build wealth faster, and eliminate debt years ahead of schedule. If paying off your mortgage early aligns with your goals, his insights might just inspire you to rethink your home loan strategy. Read along with the original article(s) here: https://marriagekidsandmoney.com/5-reasons-to-choose-a-15-year-mortgage Quotes to ponder: "We would be saving nearly $100,000! Instead of giving the mortgage company $95,130, we decided to keep it." "When we're completely debt-free, we're going to be able to live more, give more, and save more." "The 15-year helps to accelerate the mortgage payoff process and brings us closer to a more stress-free lifestyle in the Hill house." Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:32.0	finance daily five reasons to choose a 15 year mortgage bygage by Andy Hill of Marriage Kids and Money.com.
0:41.7	Three years ago, Nicole and I moved into our Forever House. It was love at first sight.
0:48.7	Compared to our previous 1,100 square foot bungalow, this new tri-level home had a bigger yard, an open floor plan,
0:57.2	and neighbors that became instant friends of ours. When it came time to choosing the mortgage,
1:03.3	we didn't want our dream home to turn into a nightmare. After doing some research,
1:08.3	our mortgage strategy went something like this.
1:12.1	Mortgage situations we avoided.
1:15.5	Number one, interest-only mortgages.
1:19.0	These are mortgages where you only make monthly interest payments, and the principle of the loan does not decrease.
1:26.6	If the principle of the loan never decreases, you are going
1:30.0	to be paying on that mortgage for a long time. Number two, adjustable rate mortgages, or ARM. This is a home
1:39.5	loan where the interest rate adjusts after a set period of time, typically three, five, or seven years,
1:46.2	and could result in a higher rate than you originally started with. As the interest rates are
1:51.9	starting to increase, this could be a very dangerous loan to be in if the term of your ARM is
1:58.5	about to expire. And number three, private mortgage insurance or PMI.
2:05.4	This insurance protects the mortgage company from your potential default on the loan
2:10.1	and is not insurance that protects you as the homeowner.
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