A 15-year mortgage can offer lower interest rates compared to a 30-year loan, potentially saving significant money over time. However, this requires higher monthly payments. The wealthiest 10% have savings 124 times higher than the bottom 20%. Online banks can offer higher interest rates and lower fees, helping to grow savings. Emergency funds should be easily accessible, making CDs a risky choice. Lastly, switching from Bank of America to CIT could result in significantly higher earnings from savings accounts.
Original post here: Here’s Why It Pays to Sign a 15-Year Mortgage Today
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