Is this guy right?
DISTRESSING FACTS OF A 30 YEAR MORTGAGE:
* After paying 15 years on your 30 year mortgage, you'll still owe 90% of the amount you borrowed!
* After paying nearly 24 years, you'll still owe over 50%!
* You will pay over 3 TIMES the amount you originally borrowed before paying off your mortgage!
* To make matters worse, the FDIC estimates that 1 out of every 2 mortgages are miscalculated, overcharging homeowners $8 - $10 billion dollars each and every year!
* Of the 52 million mortgages in the U.S., only 2.7% of homeowners ever prepay for more than a year!
* It will take nearly $500,000 in gross income to net $300,000 in mortgage payments to pay off a $100,000 loan!
* If you move about every 5 to 7 years, like most Americans, you are really paying 91% of your payments toward interest on your loan!
* After paying every month for 10 years, you will have paid off only about 10% of your loan!
WEEKLY OR BI-WEEKLY: What the Experts are Saying!
Your mortgage is costing you $50,000 to $100,000 more in unnecessary interest payments.