Is it smart to prepay your mortgage? These are the three different approaches to paying your mortgage that work for homeowners and investors. Q: I'm 83, have no mortgage, pay my credit cards in full each month and have no car payment. When I first started out in 1961, I bought a 52 chevy for [...]
Prepayment Penalty: Will I Have To Pay a Prepayment Penalty If I Close Before The Penalty Period Is Up?
We often get questions about prepayment penalties and whether the penalty period will apply if a homeowner sells the home rather than just prepays the mortgage. Q: I just signed a contract on my house with a closing at the end of next month. I also bought a new house with same closing date. I [...]
Many people wonder if they should prepay their mortgage. Prepaying a mortgage isn't the best thing for everyone and requires financial planning. Q: I enjoy your articles but I think you left out a couple of extremely important items in your questions to ask about taking out a mortgage loan. In some states, prepayment penalties [...]