Paying down your mortgage
Wednesday, February 11, 2009 1 comment
Paying down mortgage faster can make sense – sometimes
Homeowners who find themselves with extra cash may be considering paying down their mortgage. While this can help some people in certain situations, like seniors close to retirement age or those with adjustable-rate mortgages, it may not be the best choice for all homeowners. Paying down the mortgage more quickly can save homeowners a significant amount in interest in the long run. However, some financial experts advise clients, especially those with fixed-rate loans at favorable interest rates, to use extra money to pay down high-interest debt and build up an emergency fund.
To read the full story, please click here:
http://www.washingtonpost.com/wp-dyn/content/article/2009/01/10/AR2009011000173.html
Hope this information is helpful.
~ Barry Ripp
Information obtained by the C.A.R.
This was interesting when I found it on Wednesday searching for northern california foreclosures…