PPT Slide
How does The Mortgage Savings Program Work?
There are 52 million homeowners in this country who have mortgages on their homes. What kind of mortgage? Nearly 90% have 30 year mortgages! Why? Because 30 year mortgages offer the smallest monthly payment. You can qualify for a more expensive home that way. What's the dilemma? You pay a lot more interest! Here's an example: On a $100,000, 30 year mortgage at 8.5%, the homeowner will pay $276,811 in principal and interest alone! Why pay that kind of money on a home. . . When you don't have to?