A simple definition of a mortgage is a type of loan you can use to buy or refinance a home. And no, there are no such things as long-term mortgage. There is only a short-term mortgage. I won’t go into that much detail, but the main difference between a mortgage and a loan is that a mortgage can be forgiven if you aren’t able to pay the mortgage back. You can think of a mortgage as a form of debt. When you buy a house, you buy that house. If you don’t pay for it, you can sell it at any time and get to whatever value you put on it. We suggest visiting websites like https://www.sofi.com/home-affordability-calculator/ to get all the information you need about mortgages.

 

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In reality, many people have several different types of mortgages, including tax-free mortgages, mortgages that are also for payment to the bank and interest-free mortgages. Some borrowers choose to buy a home with a tax-free mortgage, but some prefer to buy a home with a loan from their bank that they have to pay back. A tax-free mortgage is one that is tax deductible but that also doesn’t come up to its full value until after you have paid for the mortgage and the monthly rent. For instance, if you bought a house for $200,000 and it was worth $210,000 after taxes, the $55,000 you paid for it will be tax deductible, but the $210,000 you owe the bank for the mortgage will not be.

Why Do Some People Refinance?
Some people prefer to pay back their mortgage faster than they owe the bank. Others prefer to pay less money into a mortgage than they are able to pay back. There is a huge world of options to choose from. You can get tax-deductible loans, you can get a loan with a fixed interest rate, or you can use an unsecured loan that you will pay off by getting a loan from the bank. You can get a fixed interest rate or a variable interest rate. The question is what type of mortgage do you want?

Here is a good reason to refinancing your mortgage:

Pay off the mortgage faster
Another reason to refinancing your mortgage is that you have a debt. You have an interest and principal obligation to pay for the home that you are now paying for. Do you really want to pay off that debt with a mortgage? Of course not! After all, how can you afford to pay off that debt if you are only paying off the mortgage?

So why do we want to pay it off faster?

Well, one reason is because paying off the debt quicker will leave you less money to spend on stuff. For example, suppose you are in your early 30s, have a relatively large pay grade and a nice house that you would like to sell. Let’s say your real estate agent, on a good day, says you have a $250,000 house that needs around $10,000 in repairs. So instead of trying to sell the house, you let it sit for a year or two. That money you spent on making repairs will help you afford to pay off your mortgage faster. So, you could refinancing for $25,000 per year. Now, instead of paying for the mortgage, you are paying for the house, not spending it on anything else. That way, if you buy something nice, you are the one paying the bill instead of your lender.

Emotion Self Assessment

In order to understand how you manage your emotions now, it is helpful to think through what you tend to do when faced with crisis, overwhelming emotion or just the stress of everyday living. The following are questions to get you thinking about it.

What do you do to get focused?

What helps you feel centered and present in the moment?

When you’re in a bad mood, what works to change it?

When have you actively done something to help manage feeling angry, stressed, or anxious? What did you do?

What do you do to distract yourself when you’re upset? What do you do to take care of and soothe yourself?

What emotion is the most difficult for you to deal with?

What helps you calm down when you’re upset?

What is hardest for you 1) asking for things you want or need from people, 2) keeping calm when someone tells you ‘NO’, or 3) sticking to your values, even if it means someone will be upset with you.

What negative emotion do you have most often?

Are there aspects of your life that you are currently avoiding dealing with?

Changing emotions, managing crisis, handling conflict and improving awareness of the present require knowledge of how you cope with pain and negative feelings. Attending to what has worked and what is most difficult for you is a step towards better understanding yourself and your need for additional skills.

“Letting Go “ Breathing

Sometimes the best way to experience fewer painful emotions is to simply let them go. It’s not possible to avoid all painful feelings. Everyone will, at one point or another, feel anger, sadness, fear or shame. For some these emotions tend to linger. In order to reduce the amount of time you spend in negative emotions, try the exercise below.

As you breathe in, you say to yourself: “Mindfully breathing.” As you breathe out, you say to yourself: “Letting go of X …” (here you insert whatever you’d like to have less of such as anxiety, tension, anger, judgments, perfectionism, etc.). You can select one thing to let go of and say that recurrently or let go of a whole series that comes to mind. Eventually, the practice often reduces to: Mindfully breathing, Letting go.

This breathing exercise can be done alone or practiced in a group. In a group one can go around the room with each member saying aloud what he or she would like to let go of. Those who don’t want to participate can say, “pass.” This can be done with several rotations. This tends to build a sense of group cohesiveness in addition to teaching a mindful breathing skill.

Preschooler’s and Meditation

Lesley Grant, the director of the Marin Mindfulness Cooperative in San Anselmo teaches mindfulness to preschoolers. The purpose: “to lower stress in anxious teachers and students.” Through pictures and stories they guide children in following their breath.

Here is a sample of a Mindfulness exercise used for kids ages 2 1/2 to five.
“KIDS SINGING:

My mind is a clear, blue sky, my mind is a clear blue sky.

And I breathe in, and I breathe out.

And my mind is a clear, blue sky.

My mind is a clear, blue sky. And the feelings come, and the feelings go.

And my mind is a clear, blue sky. My mind is a clear, blue sky.”

For more on this story, follow the link: Preschoolers Practice Meditation