you invest in a savings account, you’ll make less than 1% and would
have to pay income tax on the earnings. On the other hand, contribute
something extra to your house payment and you’ll earn at the mortgage
interest rate which is certain to be more than you are earning in the
Making additional principal contributions on your mortgage will save
interest, build equity and shorten the term. An extra $100 a month in
the example shown will save thousands in interest and shorten the term
of the mortgage as well.
Reducing your cost of housing is another way to improve the investment
in your home. Becoming debt free is a worthy goal that is achieved with
discipline and good decisions. Suggestions like this are part of my
commitment to help people be better homeowners when they buy, sell and
all the years in between.
Check out what would happen if you were to make additional payments on your mortgage.
Author:Lisa Hayden Phone: 941-730-3102 Dated: October 20th 2014 Views: 825 About Lisa: I am a Michigan native but call Sarasota “Home” for the last 8 plus years and have proven to be ...
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