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Did you know that paying extra toward your mortgage principal, or even getting a bi-weekly mortgage program, could be detrimental to your financial health?
This is true. In most cases, instead of paying extra principal, there May be a better way for you to pay the mortgage off and experience financial freedom brže.Istina that May never want to pay off the mortgage.
Why? Your home equity is not a safe investment. Equity has no rate of return and there is no liquidity. You can not access the equity without qualifying for a mortgage of some kind, which requires you to pay fees, and lend their capital to shore conditions, and you must prove you can qualify. If you just lost your job or experienced some other kind of financial crisis, chances are you will not be able to access that money.
In addition, taking money that would otherwise be put towards additional equity and invest them in other safe investment vehicles, you can increase liquidity, and really be able to pay off your mortgage faster. You May even want to take out a new loan or refinance your current loan to increase your safety, liquidity and yield.
Most Americans carry huge credit card balances with high interest rates and most do not have enough savings to tide them over in a financial emergency. For this reason, refinancing or taking out a new loan May be even more beneficial for them to increase their cash flow, which can then be invested in creating a college savings plan, vacation plan, or even increase their retirement plan.
There are several strategies for the homeowner to consider that may allow them to experience financial freedom before trying to pay off their mortgage as fast as possible. Obviously, this strategy will be recommended to everyone, so you definitely want to seek the guidance of a Certified Mortgage Planning experts to find out which strategy is best for your unique situation.
For more information on these concepts, contact Robert D. Ashby, a certified mortgage planning specialist, at (954) 432-3450 or visit.