![]() However, he believes that it should be an option of last resort and that borrowers should only opt for short-term loans. In Dave Ramsey’s article titled “ the truth about mortgages”, Dave approves applying for mortgages. He also expresses his opinion that doing this lowers stress and risks. It’s also worthy of note that Dave believes in first paying off a non-mortgage loan, building an emergency fund, and investing about 15% of your take-home pay before making any extra debt payment.ĭave believes that the efficacy of this method lies with the psychological benefit of clearing off your mortgage debt, and not paying any debt whatsoever. Dave believes that once your mortgage is cleared, you can then invest the remaining amount in investment portfolios that can help you reach your goals. ![]() As a matter of fact, he recommends that people should only opt for 15-year mortgages that won’t require that they use over 25% of their income for monthly debt payments. He also believes that it should be paid off as early as possible. And as most people know, Dave is averse to debt. One finance guru that has made his opinion known on this is Dave Ramsey. There’s a constant back-and-forth between personal finance experts on whether it’s good to pay off debt earlier than the scheduled time or not. What Dave Ramsey thinks about paying off your home early? Can you imagine a life where you’ve completed home payment? The peace of mind and joy that accompanies it is mind-blowing. Dave Ramsey’s Baby Step 6 is a huge baby step milestone to cross as the cost of purchasing a home ranks among the biggest sources of debt for people.
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