BABY STEPS FOR PAYING DOWN YOUR MORTGAGE
March 8th, 2010 categories: Buying, Investment, Market Trends, Real Estate Finance, Selling
Lew Sichelman seems to be my new favorite columnist. Something I knew but didn’t internalize is how much a small amount of money applied to the mortgage principal can shorten the length of your mortgage. Lew Sichelman recently published an article that gives a number of scenarios for shortening the time you pay on your home. If you do decide to make an extra payment on principal, be sure to tell the your mortgage company that is what the extra money is for. Just like so many things in life, consistency is the key to success. Even $50 per month applied to the principal can shorten the life of your mortgage. Lew also has some good information on PMI (Private Mortgage Insurance) and how to negotiate your way out of it. Refinancing from a 30 year mortgage to a 15 year mortgage is another way to save a large number of interest payments. My suggestion to you is to read the whole article if you want to pay down your mortgage with lightning speed.
Do you need someone to talk to about Chicago real estate–either selling or buying? Please call me if you do–direct dial, 312-981-2360, cell phone is 312-607-1306. E-mail works just fine too!
Other articles you might like to read are:
Why Get An Inspector For My New Home?
This entry was posted on Monday, March 8th, 2010 at 2:23 pm and is filed under Buying, Investment, Market Trends, Real Estate Finance, Selling. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
