Friday, January 20, 2012

samples: mortgage blogging, money blogging

Quick Guide to Prepaying Mortgage
 
My mom raised me single-handedly. I can’t imagine her selling the house in less than 10 years after she had acquired mortgage loan. Her friends from California suggest that the interest rate will eventually go up and she would suffer if she didn’t prepay. For a single mother, this could be tough. She had even considered applying for government housing assistance in the past. But now she is earning well working in the bank and engaging in business, and she had been able to buy property. How to pay for the mortgage is what remains to be her constant problem.

Factors to Consider

In the first place, her business-minded friends knew more than I do about property preservation. She kept asking me whether I liked the new house or not, and if I plan to stay at the county long after I get hitched. This I can’t seem to give a straightforward answer. But she was looking at the merits of prepaying the mortgage loan: will it actually save her bucks in the long run? Her friends told her she should consider the growing interest rate, the length of her stay, and the possible deductions she might earn if she prepaid the loan.

Boon and Pitfalls

As for me, I don’t plan to relocate. It’s nice to have a home to go to in California. Maybe I can have stints in New York or Chicago for months or years, but I will always come back to my hometown. So I told her maybe prepaying the mortgage loan is a good option. Discounts — yes, she can get them, but only maybe after 5 years. Now, if the interest rate for the mortgage loan increases, the prepaying way would definitely be an advantage. However, she could use the money for something else, maybe an investment in the bank stocks, or a consolidation. It’s a really tricky situation.

http://www.free-money-saving-tricks.com
Saturday, April 28. 2007