Interest rates are rising, so many people are looking at buying a home now or refinancing. But, what about paying off your mortgage faster than 30-years? Associate Lending Associate of Guild Mortgage, Cari Kimball Meabon, disussing when you should invest your money in your house and when you shouldn't.
We also cover tax implications and what happens to your credit rating when you pay off your mortgage sooner rather than later. And, re-amortization (also known as re-casting) may be a cheaper way to lower your monthly mortgage payments.
Getting help from a CPA, loan officer, or financial specialist can help you determine if you should throw all your extra money toward monthly payments, retirement, or other needed expenses.