Some people feel that debt of any kind is a type of slavery, and mortgage debt does, indeed, steal your money before you’ve even earned it.
Because of the way the interest is calculated, with very little of your payments going toward principal in the early years of the loan, that chunk you’re paying off gets smaller only by the tiniest of increments. Therefore, even with a “low” interest rate, you will pay big for the privilege of owning a home.
Understanding that mortgages are pretty much necessary for most people to own a home, we are going to break down 11 mortgage pitfalls to understand before you take one on.
Be sure to read all the way to the end – you simply cannot afford not to!