Mortgage Acceleration

2021-03-31

"When should I accelerate my mortgage?" As I tell my clients, before even considering paying the mortgage down, you’ve got to take a look at your entire financial picture and check these items off first. Am I contributing enough to my other investments, IRA’s, 401k’s, etc.? Do I have other debt (Credit Cards, Student Loans, Personal Loans, etc) with a higher interest rate than my mortgage? Can my money be working harder somewhere else besides my mortgage? These are the quest...

Am I contributing enough to my other investments, IRA’s, 401k’s, etc.?
Do I have other debt (Credit Cards, Student Loans, Personal Loans, etc) with a higher interest rate than my mortgage?
Can my money be working harder somewhere else besides my mortgage?

These are the questions you’ll want to answer before paying anything extra to your mortgage. In the circumstance of having high interest credit card debt, your first priority should NOT be paying off your home it just doesn’t make financial sense.

This is a big misconception due to the fact that the mortgage payment may be your biggest financial obligation. Listen in to find out exactly WHEN you should pay more, and the best way to do it for your particular situation!

As always, we’re here to help you navigate your finances and create the best possible solution for you and your family. Reach out to our office for a FREE no obligation mortgage consultation, 860-413-3938.

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