Thinking about Paying off your mortagage?

By
Real Estate Agent with keller Williams Fox Realty

Planning for tomorrow is important. The more you aducate yourself on your financial options, the more confident you will feel with your decisions. Here are some important things to consider before you decide to pay off your mortgage.

Secure investments:  Many debate whether they should put their money toward paying off their mortgage or invest it in bonds or the stock market. If the unpredictibility of the market makes you uneasy, consider prepaying on your mortgage because it reduces your total interest expense. You will earn a " garanteed return" on your home mortgage.

Cancel Your Private Mortgage Insurance: You are probably paying private mortgage insurance(PMI) if you borrowed more than 80% of your home's appraised value. Making extra payments on your mortgage will help you reach the 20% equity you need to drop the PMI--and stop paying those premiums.

Peace of Mind: For some, owning a home and being debt-free can be psychologically rewarding. Reducing your mortgage with prepayments helps pay off debt significantly sooner. Just be careful that paying off your mortgage early doesn't come at the expense of retirement savings or lead to high interest credit card debt.

Retirement Beacons: It's simple- pay now, have more to spend during your golden years. If you'd prefer not to dip into your retirement savings to finish paying off your mortgage, consider prepaying while you're still in the workforce.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the folder to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tag to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the lamp to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainer
4,963

Raul Ivan Lopez

Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the foot to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: