I am working in the mortgage industry right now, and as I said in a previous post, I would like to talk more about that issue as it concerns anyone, from the retired person who owns a house to the first time home buyer.
I went yesterday to a conference of Douglas Andrew, one of the wizzard of the market. His a best seller writer, who wrote the famouns Missed Fortune 101. Briefly, he advices people not to place any dime on a down payment for a house, as this money will never be able to give any interest. He advices people to take a 100% financing, which means taking a big long mortgage with no down payments. All the strategy is then based on investing the money you could have put as a down payment and the money you will earn thanks to your mortgage tax deductions to build wealth.
His presentation was very interesting and professional. A lot of humoristic quotes, and the presentation very well articulated. I recommend anyone to read this book, as it can open your mind on how to build wealth quickly and easily.
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