to Think Twice Before Paying off Your Mortgage Too Quickly
of the financial advice out there is focused on how you can pay off the
mortgage on your Rockwall home as quickly as possible, from making lump sum
payments to switching to fortnightly payments rather than monthly. However,
there are a few things that you might want to consider before you put all of
your financial efforts into paying off your mortgage as quickly as possible. Diversifying your InvestmentsOf
course, paying off your mortgage as fast as possible has a number of obvious
advantages. You will be able to own your home a lot sooner and you will
decrease the amount of interest you pay over the years. However, are you diversifying your assets? Savvy
investors know that they should decrease their risk by spreading their money
into a number of different types of assets and investments so that they don’t
have “all their eggs in one basket.” If you have extra money and you want to
invest it, you might want to make sure that you have a variety of investments
including savings, stocks and bonds, rather than just investment in your home. Liquid AssetsAnother
thing to consider is that having your money invested in your home means that it
will not be a very liquid asset. If you needed the cash right away, you could
have to sell your home or take out a home equity loan, which is a complex and
time consuming process. Before investing all of your money in your mortgage,
consider creating an emergency fund
as well so that you have some easily accessible money when you need it. Earning More With Better
investing all of your money in your mortgage, find out whether you would be
able to earn more by investing it into other opportunities such as
interest-bearing bonds. Sometimes stocks, bonds and mutual funds have better
returns over time than the typical mortgage interest rates.
paying off your mortgage as quickly as possible is the best option for you.
However, make sure that you consider all of the factors before committing to
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appointment. Lisa Cardillo specializes
in residential real estate in Wylie, Sachse, Rowlett as well as the surrounding
Texas communities. Want a
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