Blog Category: Prepayment

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How to Successfully Prepay Your Mortgage

 

Getting out of mortgage debt faster is a great way to save money on interest payments. For those who make additional payments on their mortgage it can save them money in the long term. A homebuyer can make prepayments on their mortgage principal any time, once a month or once a year, or whenever they want to. The principal is the amount they borrowed to buy the house and have to pay back to the lender. This is separate from the interest, which is what the lender charges you for lending the money. If you pay extra on the principal, it can help pay off your mortgage before the maturity date of the loan. Read More

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Is It Cheaper to Rent or Own a House? Pros & Cons of Renting vs. Buying

Is It Cheaper to Rent or Own a House? If you are planning on moving and are financially stable enough to potentially qualify for a mortgage, there is a lot for you to consider. Buying a home usually requires a down payment plus closing costs. Renting also comes with its own fees, but those are generally less than you will need to buy a home. Here, we will explore whether it is cheaper to rent or own a house. And the pros and cons of both.

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Mortgage prepayment versus recast

Prepayment Versus Recast

When you divvy up your monthly budget pie, housing is very likely the biggest slice, especially after you add in utilities, maintenance and of course, your mortgage.  

So wouldn’t it be great if you could lower your mortgage payments without refinancing your loan? Or better yet, pay off your mortgage ahead of schedule? Read More