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Real Estate Blog for Buyers & Sellers

It's a dream to be able to pay off your mortgage early, but is there a downside?  While it sounds like a great idea, there are some factors to consider before doing so.  This article will explore some of the reasons you may want to hold off on that final payoff amount.


Other Debts 


If you have various other debts (credit cards, auto loans, etc.) it's a good idea to pay those off before the mortgage.  Why?  Well, credit cards usually have astronomical interest rates so that outstanding balance will only grow if you choose to put all your money towards your mortgage.


That extra interest on your credit card or auto loan isn't tax deductible, which leads to the next point.


Check for Penalties 


Some mortgages come with a prepayment penalty.  If you're thinking about paying yours off early, then check the fine print to see if it applies, and also run the numbers to see if early payoff makes sense.


Fund Your Retirement Plan 


Before you go paying the mortgage...

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Buying a home is always a big decision, but when you're a first-time buyer it's even more important to get it right.


Without home-buying experience to draw on, it's easy to make mistakes you could regret for years to come. Here's what to avoid

1) Don't Rush the Mortgage


In the excitement of buying your first home, it can be tempting to sign up for the first mortgage offer you're approved for. Being too hasty is a serious mistake which can cause difficulties for a long time to come.


It's a good idea to speak to an impartial mortgage adviser before committing yourself to any deal, but in any case, always bear some simple points in mind.


- Be very cautious about how much you try to borrow, making sure you leave plenty of headroom in your budget. Owning your own home has many extra costs compared to renting, and you need to leave yourself some breathing space to handle them.


- Explore your down payment options. The larger the down payment you can afford, the lower your monthly payments will...

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