Sentences with phrase «means paying off your mortgage»

This means paying off your mortgage a little faster than your mortgage payments require.

That means paying off your mortgage as fast as possible becomes the priority and having other forms of investments are considered only after your property is paid off.

Saving Grace (Ways to Save) I often mention just how important it is to retire with minimum debt and that means paying off your mortgage and credit cards.

This means paying off your mortgage a little faster than your mortgage payments require.

Not exact matches

Paying off your mortgage may feel good, but that doesn't mean it's right for your financial plan.

In Scotland a red door means you've paid off the mortgage.

Even as a professional, I've never lived above my means, never carried credit card debt, and paid down on my mortgage with every spare dollar I earned until it was paid off.

By comparison, in 1989, this group on average had equity equal to 81 % of their house price, meaning that many could look forward to a retirement in which their mortgage was already paid off.

If you have the means, you should definitely consider paying off your mortgage early, especially if your interest rate is on the high end and don't have other investment strategies in place.

Lenders want to ensure that you have the financial means to pay off your new mortgage, as well as any other long - term debts (such as car loans) or other living expenses.

The lender will review your income documents to ensure you have the financial means to pay off your new mortgage, in addition to any other living expenses and long - term debts.

While this may seem like bad news, it'll mean much less will be paid in interest over the shorter term and the mortgage will be paid off much quicker.

In practice that means that for every pre-tax dollar you earn each month, you should dedicate no more than 36 cents to paying off your mortgage, student loans, credit card debt and so on.

This means there's still time to lock in a lower mortgage rate or double - down on paying off debt before it becomes even more expensive.

However, a lower down payment adds extra expenses like mortgage insurance to your monthly payment — and it also means that you're paying off a larger principal balance from the start.

This means that they are paying the exact amount necessary in order to pay their second mortgage off in full by the end of their term.

Outside of the above two reasons, if you have the means to pay off your credit card balances, it probably makes sense to do so — regardless of whether or not you are applying for a mortgage — simply because credit card rates are so much higher than today's savings account rates.

This means that the mortgage is paid off in a lump sum all at once, rather than in a series of fixed payments like for other installment loans.

This allows them to change into a loan with more favorable terms, which usually means switching into a regular mortgage and paying down the principal over 15 or 30 years, or switching into another interest - only mortgage and deferring the loan pay - off for another 5 or 10 years.

Refinancing costs and risks: Refinancing mortgages means taking out a new mortgage to pay off your existing mortgage.

A major portion of that amount is folded into your mortgage payment and gets added to your home equity (meaning, it's used to pay off the principal you borrowed to buy the home).

This means that you are swapping a portion of the mortgage that you have paid off to date, for a combination of cash and a second mortgage to replace your original.

With a second mortgage, you will qualify for another loan on the basis of your home equity, which means that you can finance your business, pay off your credit cards, renovate your house or pay for your child's university fees.

That last sentence was especially startling: It means that, if you haven't refinanced in the last year, you could end up throwing away close to $ 100,000 in excess interest payments between now and when your mortgage is finally paid off.

This means that in too many cases homes can no longer be sold to fully pay off reverse mortgages — loans which are essentially gigantic negatively - amortizing mortgages.

However, a lower down payment adds extra expenses like mortgage insurance to your monthly payment — and it also means that you're paying off a larger principal balance from the start.

And that means the mortgage is paid off when they're 90.

Pay off your mortgage faster: Refinancing might mean making higher payments with a 15 year mortgage, but the benefit of paying it off sooner is a great plus if you're concerned about retirement assets and rising expenses.

For those people meeting the 62 - year - old age requirement who have substantial equity in their homes, this can be a means to expand monthly cash flow or eliminate mortgage payments by paying off an existing mortgage through a federally - insured loan.

By your math in the DR post paying it off early means that according to your arbitary (yet reasonable) hypotheticals paying that mortgage off earlier puts you $ 300,000 behind.

My key thinking is that again, getting back to this concept of retiring totally debt free, if you've bought a house you can afford, that means you will have been able to afford to pay off that mortgage.

Refinancing home mortgages may mean paying off your existing mortgage with a new loan.

Sure, paying off your mortgage means you no longer make any principal or interest payments.

For many, mortgage refinancing means paying off debt and realizing financial freedom.

Taking out your equity when refinancing means that you take out a new loan for the full value of your house (perhaps less 20 % as a down payment on the new mortgage, otherwise you'll be paying insurance), pay off your old lender, and keep the rest for yourself.

This means you can earn a maximum of 6.6 % (plus the increase in the value of the house) per year once you've paid off the mortgage.

«This means that more cash flow is being allocated towards home down payments, and it's taking longer to pay off mortgages.

As long as you can live within your means now and pay off your mortgage before retirement, you will have significantly more flexibility in the future if you don't touch your RSPs.

If you have the means, you should definitely consider paying off your mortgage early, especially if your interest rate is on the high end and don't have other investment strategies in place.

You'll typically pay PMI until the mortgage's LTV drops to 78 % - meaning your down payment, plus the loan principal you've paid off, equals 22 % of the home's purchase price.

However, the commission from the big deal means we'll have the money and the second mortgage will be paid off in Q3.

In the U.S., by law, a reverse mortgage can be the only mortgage on the property, meaning any other conventional mortgages must have been first paid off, even if some of the proceeds from the reverse mortgage loan are used.

This is because it takes the amount off of your mortgage, meaning that it is help paying off the new home you are furnishing with your credit card.

While the total cost is usually lower (and tax - deductible), this means that you won't be able to eliminate the cost of mortgage insurance until you refinance or pay off the mortgage.

Gone are the days when debt consolidation simply meant talking to your banker about getting a new loan or a second mortgage and using the money to pay off your credit card debt.

This means that if you fail to pay your mortgage, the US government will pay off the lender for the mortgage balance.

Using a loan to consolidate debt means getting more money from the loan than you still owe on the home for the purpose of paying off credit card debt and any other debt with a higher interest rate than your mortgage.

Seller financing contracts are often a five - year balloon mortgage, meaning they're due in five years no matter how much the buyer has paid off.

Additionally, owning a home means having an obligation to pay real estate taxes each year; even after you finish paying off your mortgage, you will still need to keep making those payments to someone else while you continue to reside at the property.

Since this means you've shown an excellent ability to pay off your past debts, mortgage lenders want your business — and will try to entice you by offering loans with the lowest interest rates, says Richard Redmond, mortgage broker at All California Mortgage in Larkspur and author of «Mortgages: The Insider's Guidemortgage lenders want your business — and will try to entice you by offering loans with the lowest interest rates, says Richard Redmond, mortgage broker at All California Mortgage in Larkspur and author of «Mortgages: The Insider's Guidemortgage broker at All California Mortgage in Larkspur and author of «Mortgages: The Insider's GuideMortgage in Larkspur and author of «Mortgages: The Insider's Guide.»