Monday, August 12, 2013

Tip of the Day

Mortgage Tips:

  • Refinance your mortgage to a lower rate.

  • Add some extra $$$ to the principal with your next payment. Paying down a mortgage faster has pro's and con's, especially at these low rates. Research it first. Some people prefer a low-interest mortgage and to invest their extra money. Most people aren't this disciplined and are actually fooling themselves that they will invest the money and not blow it.

  • I love the peace of mind now that we have no mortgage, paid-off last Fall. 12 years and 3 months total time to pay it off. How? We bought less house than we could afford, put down a big down payment (33%), and scrimped and paid extra each month.
  • Don't use your Home Equity Line of credit for everyday expenses.

  • Get a 15-year mortgage instead of a 30. If your mortgage has less than 15 years left on it, refinance to that about of not add years.

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