Paying for Your Mortgage

Almost all first-time home buyers experience fear and doubt when taking the plunge into their first mortgage. Will it be a lemon? Is the interest rate right? Is it too much money? Should I pay my mortgage off as early as possible?

Just what is the best strategy in Paying for Your Mortgage?

This seemingly endless list of questions and unknowns is common for the novice buyer and is generally the cause of the buyers’ fear of commitment - It can feel absolutely overwhelming.

Arming yourself with the below information can help reduce the “fear factor”:

1) Know your financial goals

a. This will help you determine how much to spend on a home

i. Think about your current life-style and how Paying for Your Mortgage will impact it

ii. Your financial goals will also help you answer the question about whether you should pay-off your mortgage early or not.

2) Measure the pro’s and con’s of comparable homes within your neighborhood and price range. It’s important to check local pricing and home sales trends all the way back to the previous 12 months.

3) Do not rush through your home inspection – especially checks for structural soundness. The buyer fears the purchase of a lemon. Make sure your offer for the home contains a provision for a thorough home inspection.

In obtaining your Mortgage and Paying for Your Mortgage, it is also important to understand whether you intend to pay the mortgage off as early as possible. There are good reasons to go either direction. Your financial goals will lead you to the right decision. Even the wealthiest of people often carry a mortgage.

If you pay your mortgage off early, some of your financial goals might be:

1) You want to be debt-free

2) Early retirement

3) You want, as soon as possible, to turn your mortgage payments into investments in your retirement

If you do not pay-off your mortgage early, some of your financial goals might be:

1) Obtaining great wealth

2) Achieving tax deductions based on your high tax bracket

3) Quickly achieving financial goals by leveraging your assets.

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