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Pay Off Your Mortgage?

by Audrey and Frank Serio, CRS

Pay Off Your Mortgage?

Becoming debt free is as much a part of the American Dream as owning a home but there certainly can be conflicting circumstances that make the decision to pay off your mortgage early unclear.

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The advantages of paying off debt early is increased cash flow, less interest paid and a higher credit score. The disadvantages are lower cash flow available as discretionary funds for meals, entertainment and other things. If the ultimate goal is financial security, is it worth the intermediate sacrifice?

Whether you pay off your mortgage early is a personal decision that may be right for one person and not for another. Consider the following before you get started:

Reasons you should

  • Peace of mind knowing that you don’t have a mortgage
  • You’ll save interest regardless of how low your mortgage rate is
  • Lowering your housing costs before you retire

Reasons you shouldn’t

  • You can invest at a higher rate than your mortgage
  • You have other debt at a higher rate than your mortgage that needs to be paid off
  • You might need the money in the future and want to remain liquid
  • You might not qualify for a mortgage currently
  • You should pay off other debt with higher interest rates
  • Your employer has a matching retirement plan that would benefit you more
  • You have more urgent financial needs like emergency fund, life, health and disability insurance
  • You expect high inflation and the value of your mortgage debt will decrease

Use this Mortgage Accelerator to determine how quick you can pay off your mortgage.

RE/MAX National Housing Report November 2014

by Audrey and Frank Serio, CRS
Published on Dec 3, 2014

RE/MAX researches 53 major metropolitan markets and analyzes the data to get a pulse on the US housing market. Here are some highlights from this months report. To download the full report visit http://www.remax.com/c/about/newsroom. For more information about your local real estate market and what these trends mean for you, contact Audrey and Frank Serio, CRS for more information on the Bethany Beach, Fenwick Island and surrounding resort areas. To get the latest listings as they hit the market free to your inbox just click here and customize your search.

 

 

Audrey & Frank Serio, CRS

REMAX By The Sea

Bethany Beach DE 19930

Direct: 302.537.3171

Frank@TheSerios.com

A Daily Email List of New Homes for Sale as they Hit the Market in Bethany Beach – Fenwick Island and the Resort’s Surrounding Areas!

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Photo of Audrey and Frank Serio, CRS Real Estate
Audrey and Frank Serio, CRS
Lucido Global of Keller Williams Realty
39682 Sunrise CT
Bethany Beach DE 19930
Direct: 302.537.3171
Office: 302-360-0300 x 435