If you are wondering about lowering your mortgage rate, then you want to take a look at this infographic below. The biggest reason why is compounding interest, but this time it’s working against you.
Compound interest is great for dividend stock investors but a absolute nightmare for borrowers.
Take a look at what a 1% increase in your mortgage rate will cost you in the future:
Source: Zillow
Tarik Pierce is the founder of InvestorTrip.com and regularly contributes articles to this website. He studied Economics at Dartmouth College and has been featured on TheStreet and Yahoo! Finance.
His favorite online stock brokers are Robinhood and Fidelity. He also uses Stash Invest to purchase fractional shares in some of the world’s biggest companies.
While his background is mostly related to trading stocks, he recently gained interest in real estate crowdfunding with Fundrise.