1st Eagle Mortgage and Loan Company in Chicago Northfield Illinois


A Thought About Fiscal And Financial Health

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:

  1. You’re able to continue to maximize your retirement contribution each year.
  2. You’ve paid off your credit cards (or have paid them down 10% or 15% of the the available limit.)
  3. 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.

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