Why go to a 15 year mortgage? Yes, doctor it is a lower rate and you’ll save many thousands of dollars in interest compared to a 20 or 30 year mortgage.
Remember, unhealthy you don’t make money by paying down your mortgage. Your home will appreciate (or not) based on the real estate market.
In my opinion, ask a 15 year (or 10 year) fixed rate mortgage makes sense if:
- You’re able to continue to maximize your retirement contribution each year.
- You’ve paid off your credit cards (or have paid them down 10% or 15% of the the available limit.)
- You have 6 to 12 months of mortgage payments (including taxes and insurance) in readily available funds (money market, CD stocks, etc.)
I realize that in some cases, the desire to pay off your mortgage as soon as possible is so strong that it overrides any other consideration. However, I would suggest you at least consider the three items mentioned above.
I have several financial advisers that I can recommend.
Call 1st Eagle Mortgage at 847-441-4116.