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Millions of home owners pay extra on their mortgage, but why?.

 

A good financial plan may or may not include paying extra towards your mortgage balance, some things your should consider first.

 

The opportunity to pay off your mortgage early can be very satisfying and provide additional cash flow into your retirement years. This has been a goal for home owners for a number of years. There are some key factors every home owners should consider before they head down this path. First, before they start paying extra on their home loan they should have eliminated any other debts that have a higher interest rate than their mortgage loan. Next, they should have an adequate rainy day fun established as turning around and pulling cash or equity out of a home can be expensive and some times impossible depending on the market circumstances.

If the home owner has passed the above check list the final thing they should do is sit down with a financial planner and review their monthly cash flow and investing opportunities. If the home owner has mortgage with a fixed rate at six percent, yet they are only contributing minimally to a retirement or 401k account that is earning a significantly higher rate of return they may be missing an opportunity tot truly build wealth. A good planner will help educate and counsel a home owner on the tax consequences and pros and cons of paying down and off their mortgage early versus their other financial options. .

6-1-08 ? LoanNetwork.com

 

 

 

 

paying off your home loan early @ loannetwork.com

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