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Financing Your Home >Home Free
Conventional wisdom says, "Don't pay off your mortgage early." Are you foolish to consider an early payoff? Absolutely not! By adding just $50 to $100 to your mortgage payment every month, you can save thousands of dollars in interest, pay off your loan quicker, and eliminate a major monthly expense.
The argument usually given against paying off a mortgage early is that you can make investments with your extra cash, such as mutual funds, stocks or bonds, which pay higher returns. This approach enables you to take the mortgage interest deduction and have easy access to your money, in case you need it. These are all definite pluses, but are not guaranteed savings results.
Any extra income which an investment might generate above your home equity appreciation can be offset by a bad year in the investment market. Investment earnings can virtually eliminate the income tax advantage of your mortgage interest deduction, since stocks and bonds are likely to generate a fair amount of dividends, interest income and capital gains.
It isn't as simple as conventional wisdom--consult a financial expert.
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| Q |
What famous person said this? "Real Estate is the best investment in the world because it is the only thing they're not making anymore!"
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| A |
Will Rogers, who began his career as a rope-throwing cowboy and later became a famous stage and film star. |
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The Antonelli Team
Keller Williams Realty
11700 Plaza America Drive
Suite 150
Reston, VA 20190
Chris Antonelli Direct: 703-474-1011
Fax: 703-679-1701
Email: Chris@TheAteamVA.com
Vince Antonelli began his real estate career in 1988 with the goal of making real estate as easy and stress free as possible for his clients. Thanks to his hard work and dedication his business has grown steadily over the years and in early 2005 his son Christopher joined him to ensure that all of their clients received maximum attention and support.
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