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To: Hawkmoon who wrote (105983)12/31/2009 9:16:05 PM
From: Elroy Jetson  Read Replies (1) | Respond to of 116555
 
The longer the mortgage, the less of the payment goes to pay down the principal.

If your Mom makes a $50k mortgage at 5% for 30 years the monthly payment is $268.41 for your cousin.

If he shortens the term of the loan to 25 years it's only $23.89 more each month at $292.30.

A 20 year loan is $329.28 per month. Only $60.87 more each month buys him ten fewer years of mortgage payments.
.



To: Hawkmoon who wrote (105983)1/1/2010 5:36:09 AM
From: paul611 Recommendation  Respond to of 116555
 
Just a great idea. Kudos and a whole bunch of "Attaboys" and "Attagirls" to your whole family ! ! "Happy New Year to ALL". Thanks for all the information throughout the year ! ! Paul



To: Hawkmoon who wrote (105983)1/1/2010 9:35:21 AM
From: Hoa Hao1 Recommendation  Respond to of 116555
 
Disintermediation = "the elimination of an intermediary in a transaction between two parties."

My family has done it for years. Screw the Banksters.


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