Paying loans back

Paying loans back

“You have to make it happen.” – Joe Greene

Once the term of a loan becomes fairly short, you don’t save much interest by speeding up the payments. This is why I recommend you pay your housing loan back at no more than $12 per thousand a month. For example if you have a $200 000 loan, that is $2400 a month. Provided interest rates stay between 6% and 9%, repayments at this level will ensure that the loan term is between nine and 10 years.

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