Too often, investors confuse the term buying a home with owning it. When buyers take out a mortgage, the bank owns the home. When Your Survival Guy was in his early 20s, I remember the mortgage broker telling me, “My bank wouldn’t mind owning this property.” That began my lifelong pursuit of owning my home. Ignore the talk about interest deductions and refinancing or home equity lines of credit. None of them produce the piece of mind and comfort of joining the exclusive club of homeowners—those without a mortgage.
Action Line: You can put a price on peace of mind. It’s the amount you no longer owe the bank. Need help? I’m here. Email me at ejsmith@yoursurvivalguy.com
