There just isn’t anyway to sugar coat this. Mortgage interest rates are high. They will go down and when they do you may not be able to refinance and get a lower rate on your loan and if you do refinance the interest portion of your payment starts all over again. Borrowers pay the most interest on the first payment.
That means more interest and less equity. Anyone who reads this blog knows that I am in favor of homeownership. I am not in favor of debt or paying interest. Less debt means more freedom and more choices. Rates will come down again.
In the U.S. Mortgage debt is increasing and so is credit care debt. We owe, we owe, it’s off to work we go . . . .
