How to Pay Down that Pesky Mortgage
How to Pay Down that Pesky Mortgage (Article provided by Kelly MacDonald) Imagine owning your home free and clear of any mortgage liens while you are still relatively young. It is a dream of many homeowners and investors and achieving it is much easier than some people think. A little knowledge, understanding and disciplined money management will go a long way toward reaching the goal of debt-free home ownership. With a $400,000 mortgage at 4% interest, a homeowner will pay $200,000 in interest over a typical 25-year amortization period. Think of what you could do with even a small portion of that money. While today’s interest rates are historically low, that may not be the case forever and you may wish to consider paying accelerated principal payments to pay down the mortgage and avoid paying even more interest should borrowing rates rise. If you are not sure where to begin, start by speaking to your Realtor or mortgage professional. Once we understand your general financial situation and what you are hoping to achieve, there are several options to consider toward the goal of paying down your mortgage balance. Most institutional lenders provide for penalty-free principal prepayments on residential mortgage loans, […] Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)
What You Need to Know BEFORE You Move
What You Need to Know BEFORE You Move Whether you’re relocating across the street or across the globe, moving can be a daunting task. Before you jump right in, take some time to consider the following: Why are you moving? Before you start filling your weekends with open houses, ask yourself why you are moving and what you want to accomplish with this move. While a new job across the country might be the obvious reason, there are many other factors that you should consider. Bigger yard? Less maintenance? First home? Closer to school, work or amenities? Different city or neighbourhood? All of the above? It’s good to think this through and write down what you want both in terms of location and the home itself. Then separate your list into “must-haves” and “nice-to-haves”. This will help you prioritize what’s important and help your real estate agent find you the perfect gem. Rent or Buy? Unless you have recently won or inherited a large sum of money, there are two things you will need if you want to buy a home: 1) a down payment of at least 5%; and 2) the ability to qualify for a loan for the […] Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)
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- How to Pay Down that Pesky Mortgage November 16, 2018
- What You Need to Know BEFORE You Move February 3, 2018