Defined Interior Spaces

🏡 Bright Mid-Century Modern Living Room 🏡

🌟Contingencies 🌟

Let’s discuss an Option to Waive your contingencies.

Contingencies are certain things that must be met in order to close a deal on a property. If they’re not met, the buyer is allowed to back out without losing any money. By choosing to waive any contingencies, especially in a bidding war, you demonstrate that you’re very serious about moving forward with the home purchase.

Now, consider this:

if you waive any contingencies such as an inspection contingency, for example, and later find out that the home you want to purchase has serious foundation issues, you’re either going to have to sacrifice your earnest money or pay for expensive repairs once the title has been transferred.

HOW TO PAY OFF YOUR MORTGAGE EARLY? | Tip #3

Do you have a 30-year mortgage loan? Refinancing your mortgage into a shorter loan term such as a 15-year loan can obviously speed up the payoff process by half. The upside to shorter mortgage terms is lower interest rates, which inevitably saves you money, spend to save!

In actuality, despite popular belief,

✔️ A 15-year-loan-monthly-payments are not double that of the 30-year mortgage loan as the 15-year loan has a lower interest rate attached to it.

✔️ There is also a middle ground to a 15 and 30-year mortgage loan, which would be the 20-year mortgage loan. Making monthly payments a bit more manageable with the same benefits of a lower interest rate and faster payoff!

Interested in more ways to pay off your mortgage loan early? LIKE THIS POST!