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Find Out About the Latest Winchester, Loudoun County and Clarke County Area Homes for Sale Before Anyone Else! 

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Real Estate Tips
Financing Your Home >Home Free

Conventional wisdom says, "Don't pay off your mortgage early." Are you foolish to consider an early payoff? Absolutely not! By adding just $50 to $100 to your mortgage payment every month, you can save thousands of dollars in interest, pay off your loan quicker, and eliminate a major monthly expense.

The argument usually given against paying off a mortgage early is that you can make investments with your extra cash, such as mutual funds, stocks or bonds, which pay higher returns. This approach enables you to take the mortgage interest deduction and have easy access to your money, in case you need it. These are all definite pluses, but are not guaranteed savings results.

Any extra income which an investment might generate above your home equity appreciation can be offset by a bad year in the investment market. Investment earnings can virtually eliminate the income tax advantage of your mortgage interest deduction, since stocks and bonds are likely to generate a fair amount of dividends, interest income and capital gains.

It isn't as simple as conventional wisdom--consult a financial expert.

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Real Estate Trivia
Q 
What is considered one of the slimmest buildings ever designed?

A 
The Carnegie Hall Tower, designed by Cesar Pelli, is only 50 feet wide and 60 stories high.
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Team Roots and Wings, REALTOR®, real estate agent and broker for Winchester, Loudoun County and Clarke County, Virginia home listings, property and land for sale - NUMBER1EXPERT(tm)

William "Chip" Steinmetz
RE/MAX Roots

101 East Maint st., Suite 103
Berryville, VA 22611
540-955-0911
Fax: 800-610-5653
Chip@teamrootsandwings.com


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