Comments on: Paying down Your Mortgage Faster Reaps BIG Benefits http://www.debtkid.com/paying-down-your-mortgage-faster-reaps-big-benefits Get Out of Debt @ DebtKid.com Sat, 20 Mar 2010 05:12:20 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Credit Card Chaser http://www.debtkid.com/paying-down-your-mortgage-faster-reaps-big-benefits/comment-page-1#comment-21425 Credit Card Chaser Wed, 14 Oct 2009 04:08:01 +0000 http://www.debtkid.com/?p=7925#comment-21425 With interest rates as low as they are right now if you can lock in a fixed rate of ~5% then couple that with the deduction for mortgage interest (if you itemize) then if you are in a medium to high tax bracket then you will most likely have better places to invest your money that can make more than your interest charges for your home net of tax. (i.e. if your mortgage interest is costing you 4.5% after tax and you can make 6% somewhere else investing then it makes much more sense to invest the money at 6% rather than put that money towards decreasing the 4.5%) With interest rates as low as they are right now if you can lock in a fixed rate of ~5% then couple that with the deduction for mortgage interest (if you itemize) then if you are in a medium to high tax bracket then you will most likely have better places to invest your money that can make more than your interest charges for your home net of tax. (i.e. if your mortgage interest is costing you 4.5% after tax and you can make 6% somewhere else investing then it makes much more sense to invest the money at 6% rather than put that money towards decreasing the 4.5%)

]]> By: David http://www.debtkid.com/paying-down-your-mortgage-faster-reaps-big-benefits/comment-page-1#comment-21357 David Fri, 09 Oct 2009 19:04:52 +0000 http://www.debtkid.com/?p=7925#comment-21357 I've always wondered about getting a 15-year mortgage vs just prepaying a 30-year mortgage. Prepaying gives you the flexibility to pay more when you can afford more, but I wonder if most people have the discipline to do that consistently? I’ve always wondered about getting a 15-year mortgage vs just prepaying a 30-year mortgage. Prepaying gives you the flexibility to pay more when you can afford more, but I wonder if most people have the discipline to do that consistently?

]]> By: RealEstateKid http://www.debtkid.com/paying-down-your-mortgage-faster-reaps-big-benefits/comment-page-1#comment-21349 RealEstateKid Thu, 08 Oct 2009 15:46:42 +0000 http://www.debtkid.com/?p=7925#comment-21349 @Financial Samurai - Yes, you should have insurance on your property in case of a disaster but I don't see the point of your comment. The idea is to pay off your mortgage as soon as possible in order to save interest payments on the loan. Using your way of thinking, I could ask the question why should I ever pay off my mortgage? @Financial Samurai – Yes, you should have insurance on your property in case of a disaster but I don’t see the point of your comment. The idea is to pay off your mortgage as soon as possible in order to save interest payments on the loan. Using your way of thinking, I could ask the question why should I ever pay off my mortgage?

]]> By: Financial Samurai http://www.debtkid.com/paying-down-your-mortgage-faster-reaps-big-benefits/comment-page-1#comment-21341 Financial Samurai Thu, 08 Oct 2009 04:48:08 +0000 http://www.debtkid.com/?p=7925#comment-21341 If your house blows down god forbid, then what? I highly recommend you pay extra money to your principal ONLY with money you will never miss. Financial Samurai If your house blows down god forbid, then what? I highly recommend you pay extra money to your principal ONLY with money you will never miss.

Financial Samurai

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