By Tim Kowols
Home ownership often means more money will be needed to keep up with the maintenance and the mortgage of your property. According to Interest.com, you could pay an additional $186,000 on a $200,000 home with a 30-year mortgage with a five percent interest rate. Gay Pustaver from Money Management Counselors says if you can afford it, making principal only payments in addition to your usual monthly bill could help reduce the cost you pay in interest.
Pustaver warns if you are tempted to repay credit card debt with home equity that you should consider a debt plan so you do not get into further trouble.
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