Residential property..Mortgages..HELP!

[RF426]

Set-up bi-weekly payments with your lender (or whoever buys your mortgage). whatever you do. I took bi-weekly to mean "twice a week", but it's actually every two weeks. It's basically paying half your mortgage every two weeks. This will enable you to payoff the mortgage much earlier and save money on the interest you would have paid.

I have a 30yr right now, and it should be paid around 20-23 depending on if I pay more than my monthly payment. Should save a load of money.

Also, take into consideration your insurance, taxes, etc when finding out what you can afford. You need to look at the amount you can afford, TOTAL, not just how much the house is.

[Drenten]

For a first home I would advise that you just stick with something simple and affordable. Being a landlord is not something that you want to do right out of the gate.

Don’t even consider any kind of rental scenario, especially if you’re thinking of only renting to a friend or family member; that’s even more risky than renting to strangers.

If you do decide to become a landlord you almost certainly will need the services of a lawyer, so factor that into your overall expenses.