How to calculate prepayment fee for house mortgage, is it true we pay lessif we pay extra payment in
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If you have a safe amount of equity in your home, I'm a big fan of investing the money in a retirement account that gives you a tax benefit. That's assuming that you don't have enough set aside for retirement (most Americans don't).
That way you get 2 tax benefits from the amount (mortgage on your home is probably a tax deduction for you also), as well as the interest from the retirement account option to offset the cost of the mortgage. Granted this only works if you have a fairly good deal on your mortgage and enough equity where you could get out of the home if you had to. Once you have enough equity where you're comfortable then it's time to see where else you need to invest your money to reach your long term goals.
How to calculate prepayment fee for house mortgage, is it true we pay lessif we pay extra payment in advance?Do you have a mill or insurance rate you have to add with that payment?
How to calculate prepayment fee for house mortgage, is it true we pay lessif we pay extra payment in advance?It may or may not reduce your interest if you pay down half. If really all depends on your credit score. Although some bank may consider you a lesser risk if you pay down that much.
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