ilmscore | How The Banks Enslave Homeowners With Higher Mortgage Rates

How The Banks Enslave Homeowners With Higher Mortgage Rates

Published: 2023-05-09
Status: Available | Analyzed

Predictions from this Video

Total: 6
Correct: 0
Incorrect: 0
Pending: 6
Unrated: 0
Prediction
Topic
Status
Paying an extra $100/month on a $360,000 loan at 6.5% interest will reduce the payoff time from 30 years to 26 years.
"if you pay an extra 100 a month instead of paying off your loan in 30 Years it'll be cut down to 26 years"
Mortgage Payoff Time
Pending
Paying an extra $200/month on a $360,000 loan at 6.5% interest will reduce the payoff time from 30 years to 24 years.
"an extra 200 a month you'll have it paid off in 24 years"
Mortgage Payoff Time
Pending
Paying an extra $500/month on a $360,000 loan at 6.5% interest will reduce the payoff time from 30 years to 19 years.
"an extra 500 a month 19 years instead of 30"
Mortgage Payoff Time
Pending
Paying an extra $1,000/month on a $360,000 loan at 6.5% interest will reduce the payoff time from 30 years to 14 years.
"an extra one thousand dollars a month you'll pay off your mortgage in 14 years instead of 30"
Mortgage Payoff Time
Pending
If mortgage interest rate is 3%, invest excess cash in index funds as they can historically beat this rate.
"if your mortgage interest rate is three percent then I would stick your excess cash into an index fund in the stock market you can easily beat three percent in the long run"
Investment Strategy
Pending
If mortgage interest rate is 6-7%, it's more beneficial to pay down the mortgage as this provides a pre-tax investment return of 9-10%.
"if your mortgage interest rate is six to seven percent then I would say that you should really consider using any extra money to pay down your home because if you pay down your home and you have a mortgage interest rate at six to seven percent that would be like you getting a return on your Investments of nine to ten percent pre-tax"
Investment Strategy
Pending