Sentences with phrase «pay off a mortgage because»

In some cases, refinancing can actually increase the time it takes to pay off a mortgage because of this, which can really set a person back financially.

A decreasing term mortgage policy can help you pay off your mortgage because the death benefits are specifically designed to decrease as you pay down the principal.

A decreasing term mortgage policy can help you pay off your mortgage because the death benefits are specifically designed to decrease as you pay down the principal.

In this case, the borrower should pay off the mortgage because the 3 percent cost is less than the 3.25 percent rate on the mortgage after refinancing.

Not exact matches

It's likely they believed the myth that they'd need less income in retirement because their children would be grown and the mortgage might be paid off.

So your argument is that because interest rates have been kept artificially low (effectively ripping everyone off with a manipulated money supply that's becoming more worthless by the day) that paying 6 % for a mortgage (which at one point was low) is getting ripped off?

It does kind of bum me out that I may have lost a small opportunity to take advantage of bearish markets but no sense in kicking myself too hard, it doesn't bother me as much as it used to and I think that's because amidst not being able to purchase discounted blue chip stocks, I ended up buying a house with help from my parents, and now I am a home owner with no mortgage (just a debt to my parents which I hope to pay off ASAP).

Because your first mortgage has first claim, a home equity lender would have to pay off your original loan before foreclosing.

However, because the second mortgage was relatively small, I was able to pay it off as a condition of the refinance.

Today we're diving into those thoughts and feelings, and — because we got so many questions about it — diving into why we did pay off the mortgage on our house but why we're not paying off the mortgage on our rental anytime soon.

School loans and mortgages aren't as critical to pay off quickly because of tax deductions.

If you manage to pay off a 30 - year fixed rate mortgage in only 15 years, you come out ahead financially because you've reduced the amount of interest paid on the loan.

However, in most cases the amortization period changes because different borrowing terms, interest rates and payments against the principal amount at each renewal vary the length of time required to pay off the mortgage.

A 40 - year fixed - rate mortgage is generally a less popular option both because it takes so long to pay off the loan and because you end up paying a lot in interest.

For example, a 15 - year mortgage will have higher monthly payments than a 30 - year mortgage loan, because you're paying the loan off in a compressed amount of time.

My own father, a person of the highest moral character and integrity was accused of being shady by my abuser because he tried to find us alternative housing when my abuser (although court ordered to pay the mortgage) willfully and vindictively drove it into foreclosure and the kids and I homeless, while he went off and bought he and his spiritual wife a new home.

The least happy years are those in the middle age of thirties and forties, because we reap disappointments with goals we will never meet and have to handle the stress of keeping our jobs, paying off the mortgages, and getting our kids through college.

Absent - mindedly collecting shells, catching fish and bugs, and paying off your mortgage would be a perfect fit on Switch, and because it'll be pretty to look at, why not fling it onto the big screen when you get home (sorry Netflix).

At one point the house, that was never mortgaged because of the cash settlement from the fire, was mortgaged just to pay off the debt, which was then accrued again.

In fact, many borrowers are attracted to reverse mortgages because the proceeds will pay off any existing mortgages as part of the loan.

Among the numerous rewards of the loan are reduced underwriting standards, no money down, no private mortgage requirements, the ability to pay off the loan early without pre-payment penalties, and limited closing costs; because of these advantages, as well as a multitude of others, the loan program has experienced a boom in popularity over recent years.

I advocate keeping a mortgage because of the tax break of a 401k versus paying it off.

Moreover, you will be able to get finance sooner than you think since even if you have an outstanding mortgage, you will be able to get a home equity loan based on the equity you build on your home either because you are paying off the mortgage and the debt is reduced or because the property's value will increase over the years.

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 can be a drawback for some seniors who have a low amount of equity, because even though these borrowers may pay off their existing mortgage, they may not have enough disposable loan proceeds to achieve their financial goals.

One misconception: It isn't worth making extra principal payments when a mortgage is close to being paid off because, at that point, you aren't getting charged much in total interest.

By making one extra payment a year, you can cut a significant amount of time off the back your mortgage, because you're paying the balance down sooner.

This is because your reverse mortgage funds will be used to pay off your existing mortgage as part of the transaction.

That's paid off in the mortgage's last six years because, by then, most of your monthly payment is going toward principal and not interest.

Because they reduce principal more quickly and more frequently, biweekly mortgage payments speed up the process of paying off your home and also save on the total cost of interest for your mortgage.

But I'd say the higher priority should be getting money into a tax - advantaged retirement account (a 401 (k) / 403 (b) / IRA), because the tax - advantaged growth of those accounts makes their long - term return far greater than whatever you're paying on your mortgage, and they provide more benefit (tax - advantaged growth) the earlier you invest in them, so doing that now instead of paying off the house quicker is probably going to be better for you financially, even if it doesn't provide the emotional payoff.

Residential mortgages shorten when rates fall, because people refinance; when rates rise, fewer people than previously expected refinance, and people take longer to pay off their mortgages.

Reverse mortgages can be used to pay off existing mortgages, and once you do this, you will have no monthly mortgage payment because loan payment is deferred to when it matures.

Paying off mortgages early either because a property is sold or refinanced reduces the value of points.

Getting a second mortgage to pay off your credit cards is risky because if an emergency were to arise, you could lose your home if you used it as collateral.

Some critics believe that 50 - year mortgages essentially are the same as interest - only mortgages because they take so long to pay off.

That pays off your mortgage faster, because you end up making an extra month's mortgage payment every year.

Unfortunately, they aren't presenting the full picture because they totally leave out the opportunity cost of paying off the mortgage early.

They carry term limits because carriers expect most large financial needs to resolve on their own after a certain amount of time — once the kids are out of college and paying their own way, once the mortgage is payed off, and once you retire, the replacement income a term plan offers should be unnecessary, so your coverage can come to an end.

These plans are often referred to as «accelerated biweekly plans», because they are a popular method for Paying off a Mortgage Early.

This is one topic that is heavily debated because at issue isn't just the math, which depending on the mortgage interest rate, makes more sense financially to take as long as you can to pay off the house.

That's because we're expected to spend less when we're older, what with the mortgage paid off and college tuition presumably addressed and out of the way.

Remember a lot of people will refinance their home to pay off high interest debt, because mortgage rates are so low.

I can imagine a bit how you must feel because I managed to pay off the mortgage first, and was that a load off my mind when I sent that last payment.

For example, borrowing to buy a home is thought to be good debt, because you get a house to live in, and when the mortgage is paid off you still have a house to live in.

However, because lenders need to make money off of loans, you can expect to pay interest on a mortgage, which complicates the formula used to figure out monthly payments.

As the mortgage loan is paid down, your portion of equity increases because you have paid more of the original $ 150,000.00 loan off.

If the loan comes due because the last homeowner passed away, the borrowers» heirs can either sell the home to pay off the mortgage or refinance for the amount owed, which includes any accumulated interest.

We are on track to fully fund our retirement (hubby's 401k / both Roth IRAs), save for kid's college, and pay off our mortgage early because of what we are able to save.

So, Sean, you are faced with a decision, do I pay off my mortgage really quickly or, because interests rates have been low for the last few years, should I instead pay my mortgage more slowly and use that money to invest?