People who are preparing for retirement or who are already in retirement tend to stress out about their housing costs. And rightfully so, because these are likely to be the largest costs you will have in retirement, especially if you still have a mortgage. In today’s blog post, I will be sharing 3 ways that you can reduce your housing costs, which should help to alleviate stress and provide for a more secure retirement.
We’ve all been told that when comparing the 15 vs 30 year mortgage, that the 15 year option is superior since you will save thousands of dollars in interest. The banks make you think that this is in your best interest, but often times it is not.
Over the last two weeks I discussed four reasons why it’s usually bad advice to pay off your mortgage early. In Part I of the series, I went over Opportunity Cost and how this alone could cost you thousands, if not hundreds of thousands of dollars. And in Part II, I wrapped up the series by discussing Loss of Control, Lack of Diversification, and Shortfalls in Other Goals. However, in this week’s blog post, I will spend some time reviewing three situations when it just might make sense to pay off your mortgage early.
Last week in Part I of Should You Pay Off Your Mortgage Early, I discussed one of the most important reasons why it’s usually bad advice to pay off your mortgage early. In today’s blog post I will go over the remaining three reasons.
Recently I received a mailer from my mortgage lender that stated if I pay an extra $150 per month to my payment then I would save $24,866 in interest. But is this actually a good idea? This week and next, I’ll discuss four reasons why it’s usually bad advice to pay off your mortgage early.
Many would have you believe that renting is just throwing money away. But is this actually the case? The decision of whether to buy or rent depends on four main factors: Cash on Hand, Stage of Life, Quality of Life, and Opportunity Costs. Be sure to check out the awesome calculator at the end of the article.