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Paying Off A Mortgage, Is It A Smart Move?
By Jerry Williams
Most homeowners dream of the day their mortgage will be paid off. Are you able to pay it off early? One tactic is to refinance to a lesser period, say 15 or maybe 20 years. If you are real structured, you will try making an extra mortgage payment yearly to reduce an existing 30 year mortgage by about 7 years.
However, paying off early may not be a worthwhile goal. Make sure you are maximizing your 401K at your place of employment, before paying extra on your mortgage. 401K dollars are pre-tax and
when they are matched by the employer, it is a smart move. (check with your tax advisor)
Paying down or paying off loans or credit cards, with higher rates, and contributing towards a childs college tuition or higher return investments may be a better way to use your money. It depends on the current situation, financial objectives and how long you plan to stay in your home.
Some people use the equity in their home by obtaining a second mortgage for the purpose of paying of high rate loans/credit cards or borrowing for the start-up of a business. It's you money, but use it wisely.
For more reports, visit www.jerrywwilliams.blogspot.com
Jerry Williams is a professional who has been in the mortgage and banking industry for many years. He is glad he can share his knowledge.
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