000-017   000-080   000-089   000-104   000-105   000-106   070-461   100-101   100-105  , 100-105  , 101   101-400   102-400   1V0-601   1Y0-201   1Z0-051   1Z0-060   1Z0-061   1Z0-144   1z0-434   1Z0-803   1Z0-804   1z0-808   200-101   200-120   200-125  , 200-125  , 200-310   200-355   210-060   210-065   210-260   220-801   220-802   220-901   220-902   2V0-620   2V0-621   2V0-621D   300-070   300-075   300-101   300-115   300-135   3002   300-206   300-208   300-209   300-320   350-001   350-018   350-029   350-030   350-050   350-060   350-080   352-001   400-051   400-101   400-201   500-260   640-692   640-911   640-916   642-732   642-999   700-501   70-177   70-178   70-243   70-246   70-270   70-346   70-347   70-410   70-411   70-412   70-413   70-417   70-461   70-462   70-463   70-480   70-483   70-486   70-487   70-488   70-532   70-533   70-534   70-980   74-678   810-403   9A0-385   9L0-012   9L0-066   ADM-201   AWS-SYSOPS   C_TFIN52_66   c2010-652   c2010-657   CAP   CAS-002   CCA-500   CISM   CISSP   CRISC   EX200   EX300   HP0-S42   ICBB   ICGB   ITILFND   JK0-022   JN0-102   JN0-360   LX0-103   LX0-104   M70-101   MB2-704   MB2-707   MB5-705   MB6-703   N10-006   NS0-157   NSE4   OG0-091   OG0-093   PEGACPBA71V1   PMP   PR000041   SSCP   SY0-401   VCP550   000-080   1Z0-051   300-208   350-029   102-400   1z0-434   220-801   70-347   1Z0-804   210-260   640-911   300-135   NSE4   EX200   070-461   70-534   700-501   9L0-012   MB6-703   400-101   70-480   M70-101   SY0-401   PMP   1Z0-061   9A0-385   642-732   000-017   9L0-066   JN0-102   1Z0-061   70-411   1V0-601   300-206   400-051   MB2-707   640-692   101   70-346   CISSP   HP0-S42   PR000041   PMP   300-075   200-125  , 300-135   CCA-500   2V0-620   CISM   OG0-093  

Buying a Home: Mortgage Questions Answered – Greater Pensacola Parents

Buying a Home: Mortgage Questions Answered

Reader Question: My husband and I have been saving, and we’re ready to buy our first home. We found a place we both love and can afford if we do a 30-year mortgage instead of a 15-year mortgage. Should we wait and save more for a down payment so we can afford a 15-year mortgage, or go ahead and do the 30-year deal?

Good financial decisions can be defined as things that help you win with money over the long-term. Thirty-year mortgages are a trap. They don’t help you build wealth, and they keep you in debt. On the other hand, 15-year mortgages get you out of debt a lot faster, and being out of debt frees up your largest wealth-building tool – your income.

I would never take out a home loan where the payments are more than a fourth of your monthly take-home pay on a 15-year, fixed-rate mortgage. My advice is to either wait and save more money, or maybe look for a less expensive home in a different area.

I know you want a home. There’s nothing wrong with wanting your own house. But I don’t want your home to have you. When you get house fever, it’s easy to lock yourself into a bad deal that will follow you around and drain your wallet for decades!

John Rosemond

Family psychologist John Rosemond is America’s most widely-read parenting expert. Learn more about John at www.rosemond.com