have credit card or personal loan debt, those likely have a higher interest rate than your mortgage. If you can pay them off while you still have an income, you can put more money toward your retirement savings. Contact an expert or financial planner for questions or for more clarification....
Having a house without a mortgage can be a good thing, says Chris Chen, a certified financial planner in Waltham, Massachusetts. "Having a lesser debt burden reduces your break-even for life expenses, such that the impact of a layoff or other adverse financial event will be less painful,"...
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“It is a good idea to take out a second mortgage rather than refinance when your first mortgage rate is so low that it would benefit you to keep that existing mortgage rate in place,” says Leisa Peterson, a financial planner and business strategist at WealthClinic in Sedona, Arizona. “...
Underconsumption is a trend taking over by storm, explains DJ Jack, a financial planner at the advice-only financial planning firmAbundo Wealth. "Credit card debt is a big problem in this country, and a major contributor to that is our consumer culture of buying the latest trendy items – ...
I hope that sharing my story will inspire you to get out of debt, whether it’s a mortgage, student loan or credit cards. 6 Steps to Pay Off a Mortgage Faster Buy a home that you can afford Consider a 15-year mortgage Set a mortgage payoff date ...
Should she pull back from making retirement contributions to focus on debt payoff? Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. Enjoy! P.S. Got a question? Leave it here. ___ Here are the details: Andrey asks (at 01:28 minutes): I’m...
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You could pay off credit card debt that carries a higher interest rate than your mortgage, particularly if your credit card balances are of a significant amount. The Bottom Line It's important to consider the interest rate, the remaining balance, and how much interest will be saved before ...
If you're wondering whether early mortgage payoff is right for you, there are a few important questions you should ask yourself first about your financial situation. Also, look into how refinancing can help you erase your mortgage quicker. (iStock) Determining whether to pay off your mortga...