As you get closer to your retirement age, you should try to discharge as much of your debt as possible. Unfortunately, many people close to the age of retirement still have a significant mortgage balance they need to pay off. What are some of the top reasons why you should pay off your mortgage before you retire?
Your Portfolio Might Not Generate As Much Interest
You may have a very low rate on your mortgage, which means that your money is better served in the stock market; however, as you approach the age of retirement, your portfolio might not generate as much interest because you are shifting more of your assets into less risky investments. As a result, you might want to pay down your … [Continue Reading...]
As you get closer to your retirement age, you should try to discharge as much of your debt as possible. Unfortunately, many people close to the age of retirement still have a significant mortgage balance they need to pay off. What are some of the top reasons why you should pay off your mortgage before you retire? Your Portfolio Might Not Generate As Much Interest You may have a very low rate on your mortgage, which means that your money is better served in the stock market; however, as you approach the age of retirement, your portfolio might not generate as much interest because you are shifting more of your assets into less risky investments. As a result, you might want to pay down your … [Continue Reading...]
Whether the kids have moved out or you just aren't using the extra bedrooms, having a house that feels 'too big' is rarely fun. In today's post, we will share a few changes you can expect when you downsize from a large house to a smaller apartment or condo. Why Downsize At All? As you might imagine, having too much space is the primary reason that couples and families downsize. Larger homes cost more to maintain and can feel empty if it's just one or two people living there. In many cases, old items and clutter tend to build up as there is so much storage space. Downsizing to a smaller home helps to maintain a lifestyle that is more efficient but no less luxurious. Ask Yourself: Are You … [Continue Reading...]
Buying a home for the first time? One of the key considerations you'll need to make is just how much 'house' you want to buy. While going minimal might seem like a good idea to save on costs, having a smaller living space can end up cramping your lifestyle in many ways. Let's take a look at three great reasons why your first home should be roomy, spacious and luxurious. You Might End Up With More Family Than You Think Have you considered whether or not you want to have a family? Whether you're a single young professional or part of a newlywed couple, there's always a chance you'll end up with more kids than you think. If you're buying a home for the long haul, you'll want to ensure that you … [Continue Reading...]
Last week’s economic news included readings on home prices from S&P Case-Shiller home price indices along with sales of new homes and federal government data on inflation. Weekly readings on mortgage rates and jobless claims were also released. S&P Case-Shiller Home Price Indices: Home Price Growth Slows in August U.S home prices fell by 9.8 percent year-over-year in August according to S&P Case-Shiller’s National Home Price Index. National home prices fell by -5.3 percent in July. The 20-City Home Price Index rose 13.1 percent year-over-year but reflected readings from markets that were stronger in 2021. Miami. Florida, Tampa, Florida, and Charlotte, North … [Continue Reading...]
U.S home price growth slowed for the second consecutive month in August according to S&P Case-Shiller’s national home price index. National home price growth fell by -9.8 percent year-over-year as compared to July’s year-over-year reading of -5.3 percent. Home price growth slowed by -1.1 percent month-to-month from July to August. Rising Mortgage Rates and Recession Worries Dampen Homebuyer Interest The Mortgage Bankers Association forecasted a recession in 2023 and expects mortgage rates to fall to approximately 5.40 percent by the end of 2023. Mike Fratantini, senior vice president and chief economist at the MBA, said: “The upside of [a potential recession] for … [Continue Reading...]
