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Should You Rapidly Pay Down Your Mortgage Loan? by Cleo Gib
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Should You Rapidly Pay Down Your Mortgage Loan? |
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If you have a mortgage on your home, you may think that paying down your mortgage as quickly as possible is the best way to go. However, this may not be the case for you. How do you know if this is the best way to invest your money? Keep reading for some helpful advice from experts on mortgage lending in Catlin, Illinois. How Long Are You Staying? Is this your "forever home" or are you just planning to live in it for the next 10 years or so? If you are going to be in the home for the rest of your life, then paying down the mortgage as quickly as possible can help to save you a lot of money in interest on your mortgage. However, if you are planning to sell your home in a few years, and know that you will never pay off the mortgage completely, then it may not be worth trying to pay down the loan. Do You Have Mortgage Insurance? If you didn't have a down payment on your home, you likely have to pay monthly mortgage insurance to the bank. If this is the case, then you should pay down your mortgage as quickly as you can, until you reach a point that the mortgage insurance is no longer needed; this usually happens after a certain percentage of the mortgage has been paid. Are There Better Places for Your Money? The answer to this is almost always yes. Whether you choose to invest in stocks or to put extra funds into a 401k or IRA, there is almost always a better place to invest your money than in your home's mortgage. The housing market is unpredictable, so it is better to invest your funds in something more secure instead of hoping that your rapid payoff of your home will pay out in the future. If you need more advice on this matter, find a bank offering mortgage lending in Catlin, Illinois.
Related Articles -
Mortgage, Lending, Catlin, Illinois,
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