Mortgage Interest is Reverse Compound Interest in Favour of the Banks

Mind Wealth Podcast

The title of this episode is the puchline. Once you realize JUST how much you are paying in mortgage interest, you'll want to make sure that you pick the right kind of mortgage for you and your situation. We discuss our favourite solution in this episode, but there are several other alternatives that might be more suitable for you and your situation.

The mortgage details your lender doesn't want you to see

A mortgage quote where someone would have been paying 61% interest the first year they were making mortgage payments? Whaaat? That's right, when you look at the amortization schedule for a mortgage, the first few years typically have over 50% interest! It's the magic of compound interest, in reverse, and in favour of the bank. If you want to learn how you can get around this, you had better checkout todays episode.

Conclusion

A mortgage is probably one of the biggest financial decisions you make in your life. Choosing and using the right kind of mortgage is crucial to getting out of debt faster while also still living your life and enjoying a home that fits your lifestyle and the income you have. Don't take this episode lightly

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