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Savings You
accumulate savings in two ways.
1) Each and every month a
portion of your monthly mortgage payment gets applied toward your
principal balance and as time goes on your balance reduces and as your
balance reduces so does your interest. Admittedly, in the earlier years
of your mortgage, this is not much, but given time, it does accelerate.
2) Homes typically appreciate
every year (average approximately 5% - it will vary from year to year) and in some years may even
depreciate (see Investment). History has
shown us that owning a home is one of the very finest and secure financial
investments that you can enter into.
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