Prepay Mortgage Content Index - Page 1

When you prepay your mortgage you make extra mortgage payments before they are due. Prepaying your mortgage can help you save interest and you can pay off your mortgage sooner. Make sure you find out whether your mortgage has a prepayment penalty before trying to prepay your mortgage.

$8,000 Tax Credit: Administration Calls on Congress To Pass $8,000 Tax Credit And Other Pro-Housing Measures. The White House supports three pro-housing measures including the extension and expansion of the $8,000 tax credit, continuing an expansion of the loan limits, and support for the Housing Trust Fund. These pro-housing measures were announced by Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan at a press conference Thursday morning.

**Refinancing An Interest Only Loan** If you have an interest only loan, it may be a good time to refinance the mortgage loan. You will owe the same amount today on your Interest only loan as you will in ten years. On an interest only loan you never pay down the principal balance. If the interest on your loan is high, you should consider refinancing the interest only loan. If you plan to live in a home a short period of time, refinancing an interest only loan may not be right for you.

September 20, 2009 -- Today on the Ilyce Glink Show, Ilyce discussed the latest economic news, including unemployment numbers going up and down. We had a caller to the show who wanted to know when is the smartest time to make a mortgage prepayment, and Ilyce answered more personal finance and real estate questions. Join Ilyce in Atlanta in October for the [How to Profit From Foreclosure](http://thinkglinkforeclosure.eventbrite.com) full-day event. [See Ilyce's blog for a special event discount and for show notes and helpful links.](http://www.thinkglink.com/blog/2009/09/20/ilyce-glink-show-notes-september-20-2009)

Mortgage Prepayment May Not Be The Best Idea. For some people, making a mortgage prepayment can be just fine. For others, prepaying a mortgage in full can add stress if money is needed in the future. And for others, there may be a balance between a partial mortgage prepayment and keeping sufficient cash on hand for expenses that may come up in the future.

Saving to buy a home? How much should you save? What will your housing expenses be? When deciding to buy a home or a house, you need to answer these questions to have a better idea and know how much you will be able to afford. You might be saving money monthly now to buy a home in the future. And, now is the right time to plan for those initial costs to buy a home and then have savings for housing expenses that will come later.

How much should I save each month? That's a question many Americans are pondering in the aftermath of the Great Recession. Some things never change: The more you save earlier in life, the more savings you'll have for retirement. This article includes money-saving tips, as well as a discussion of short-term and long-term financial goals, including saving for retirement. Also included are tips to help you plan our how much you should save each month.

Today on the Ilyce Glink Show, Ilyce discussed refinancing your mortgage, and how a successful refinancing focuses on the refinancing trifecta: Can you shorten the length of your mortgage term? Can you lower your monthly mortgage payment? Can you lower your mortgage interest rate? Ilyce also discussed the "Cash for Clunkers" program, and took more questions from callers about FHA loans and property identification numbers, state and federal home buyer tax credits and mortgage prepayments. One caller wants to buy rental property but needs help fixing them up. Ilyce recommends checking out Angie's List for contractor reviews. [For more show notes and links to helpful resources, check out Ilyce's blog.](http://www.thinkglink.com/blog/2009/06/28/today-on-the-ilyce-glink-show-june-28-2009)

Can you refinance to combine a first mortgage with a home equity line of credit if you owe more than your house is worth? Borrowers across the country are finding that if they are underwater with their mortgage (that is, their house is worth less than the mortgage amount), lenders will not combine their loans into one mortgage with a lower interest rate. What are a borrower's options? Samuel J. Tamkin explores the situation in this column.

If you purchase a foreclosed property, that decision can be a great financial decision. The investment can pay off if you buy the right property, at the right time and in the right location but you need to make sound financial decisions.

Prepaying your mortgage may not be right for you. For some homeowners, they can refinance once, twice or many times during the time they own a home. If they are about to retire, they certainly have financial choices and decisions to make. One of the choices might be to ensure that they are debt free for retirement. For some people, having more money to spend is better than being debt free. This reader believes he will outlive the term of his loan so he shouldn't worry about the debt. He doesn't need to be debt free. He can borrow today, spend today and have someone else worry about the debt later.