AboutBobbi Buehl Expertise Home mortgages is my expertise
Experience Experience in the area 15 years Organizations Mortgage Brokerage Education/Credentials BS in Chemical Engineering, BA in Sales and Marketing. Licensed Loan Officer for 6 years and I have worked as a Loan Officer for 15 years.
Question I have a 30 year fixed rate on my mortgage at 5.5%, the original amount was 201K and I currently owe 193K,(have 28 years left) my question is...should I sent in the estimated amortization payment for the next payment on top of my current payment in order to start paying off faster the mortgage or should I just invest that money on something else?
Answer Hi,
In today's environment, you are smarter to pay toward your mortgage, since it is your biggest and most reliable investment. When things get back to normal with the economy , then I would suggest switching back to more traditional investing practices.
Also, adding at least one extra payment a year, and setting up a bi-weekly payment plan on your mortgage is a smart move as well, because these two options will pay down your principal at a much faster rate then you could imagine.
