Refinancing Home Mortgage
In: Mortgage Payment
1 Dec 2010Is this a good strategy to repay the principal amount per month, or not? I have a $ 163,000 mortgage over 25 years at 5.5%. rolled with property taxes and home insurance I pay $ 1326 per month. I think, $ 100 more per month would be a good start to reduce the duration of the loan?
Checklist to do before this:
-Make sure all your other loans will be refunded in full.
Including auto, student loans, credit cards.
They are not tax deductible, and they usually have a higher interest rate.
- Ensure a solid 6-9 months worth of living expenses in a savings or CD can be saved. No one should ever live without it.
- Make sure you feel comfortable with what you contribute to your 401K plan.
Checklist complete? Then you can make additional payments if you have more money in your checking account. If you set up a payment plan, you may find that sometimes (as chritmas), you will not be able to afford and to stop the payment plan.
This is about mortgage information questions.
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