Do you have the cash to pay off your mortgage? Are you wondering about other investment opportunities? Look here for articles, columns, blog posts, radio shows and videos about how to pay off your mortgage and other opportunities.
Pay Off Your Mortgage Loan With Prepayments
If you want to pay off your mortgage early, you should prepay your mortgage or make extra mortgage payments every month. Avoid costly bi-monthly mortgage payment plans and set up your own prepayment schedule. When you decide to prepay the mortgage loan, you should try to pay the same amount each time.
Pay Off Refinanced Mortgage Or Invest Overpayment?
Should you pay off your refinanced mortgage or invest the money you planned to use to over pay the mortgage? What if your financial planner advises you not to pay off your refinanced mortgage and instead invest that money she was planning to use to overpay her mortgage. Ilyce gives advice whether you should invest or pay off your refinanced mortgage.
Pay Off Mortgage Early With Extra Payments
If you prepay your regular monthly mortgage payment it may be applied incorrectly to your mortgage loan. Mortgage companies usually see prepayments as extra money to go toward the principal of the mortgage loan. When the mortgage company does not then receive your mortgage payment at the designated due date they may think you're delinquent in making your mortgage payment. How can you avoid this? You can have the mortgage payment deducted automatically from your account to avoid mix ups.
Pay Off Mortgage With Extra Payments
To pay off your mortgage early you will want to prepay your mortgage loan's principal. But when should you make extra mortgage payments? It doesn't matter when you make the extra mortgage payments since the exact date is what's tracked, not the year. Learn how much you can save if you prepay your mortgage.
Pay Off Mortgage With Home Equity Loan
A couple wonders if they should have paid off their mortgage with a home equity loan. They now no longer have a tax deduction. Paying off the mortgage with a home equity loan means they have a lower interest rate, which they can use to build their retirement savings. However, with retirement approaching, they need to evaluate how to pay off the home equity loan and keep saving for retirement. A fee-only financial planner can help evaluate their options.
Pay Off Mortgages Before Retirement
A homeowner wants to pay off his mortgage before retirement, but is unsure how to do that on his income. After age 59 1/2, he can withdraw money from a 401(k) plan without any withdrawal penalty. However, he may owe income taxes. He should look at options to gradually withdraw the money and let it continue to grow inb the stock market. A fee-only financial planner can help him evaluate his options for retirement.
Ask Mortgage Lenders About Prepayment Penalty
When you're researching your mortgage loan options you should find out whether your mortgage loan has a prepayment penalty. A mortgage lender charges you a prepayment penalty if you pay off your mortgage early. State laws vary as to whether mortgage lenders can legally charge prepayment penalties.
Prepay Mortgage Or Invest For Retirement
As you get closer to retirement you may have extra money and may be debating whether to prepay your mortgage or invest more money in the stock market. While people tend to get better returns investing in the stock market rather than in real estate, it is nice to have your home paid off when you retire. If you decide to invest in the stock market make sure to research the investments you're considering ahead of time.