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Greetings!
Sometimes mortgage statistics can be surprising. For example, did you know that 1 in 3 homeowners own their home free and clear? (Of course, that begs the question about whether there are far fewer homeowners these days as folks opt to rent or live with family.)
Read on to discover tips about how you can become one of those lucky 1 in 3 homeowners by paying off your mortgage faster.
My last Home Buyers' Workshop of the season will be held this Saturday, November 5. Please spread the word to anyone you know who may be considering buying. Additional details are below.
As always, feel free to forward this e-newsletter to friends, colleagues, or family members.
Don't forget to check out my other informational resources on my blog, Facebook page, YouTube channel, and website!
Happy Thanksgiving!
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 How to Pay Off Your Mortgage Faster
A mortgage is often the largest debt that one undertakes and as a result, many homeowners look to pay it off as soon as they can. In addition to reducing overall debt, paying off your mortgage early enables you to purchase a second home or investment property. Try one of these investment strategies to reduce your mortgage principal:
Make Bi-Weekly Mortgage Payments
Bi-weekly payments involve 26 half-payments each year instead of the standard 12 full payments. By making 13 full payments each year, you'll pay down the principal sooner and reduce the amount of interest you'll pay over the long run.
Increase Your Mortgage Payment
You can also increase the amount you pay towards the principal of the payment each month. Most people have higher incomes a few years into their mortgage than they did when they first took it out. Keeping your payment on par with your increases in income will help reduce your mortgage amount significantly and may also reduce the amount of your monthly payment over time.
Make Additional Payments
If bi-weekly payments or increasing your monthly mortgage payment are not feasible, try to make extra payments when you can. If you have extra money at the end of the year, put it toward your principal.
Refinance with a Shorter-Term Mortgage
If you have a 30-year mortgage, you can refinance the loan for 10, 15, or 20 years. While the payments will be higher each month, you'll be able to pay the loan off much sooner.
If you're considering paying off your mortgage early, consider the following:
- Do you have the cash available to pay down the debt? If you've accumulated 6 months in emergency reserves and have paid off other loans and credit cards, your mortgage should be the next debt you target.
- Will you have enough cash to save for retirement and other financial goals?
- How long do you plan to stay in the home? It may make more sense to keep your money liquid and not tied up in a home you might sell in a few years.
©2011 Buffini & Company. All rights reserved. Used by permission.
LGK OCTOBER E-REPORTS
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Take the Guesswork Out of Home Buying
I'm excited to repeat the successful "Take the Guesswork Out of Home Buying" Workshop on
Saturday, November 5, 2011 from 10:15-11:30am in Norwell.
If you missed previous ones, no worries - come to this one. And...if you have friends or relatives who might be interested, please forward this invitation to them through email, Facebook, or your favorite social media channel!
Registration is required, and seating is limited. So sign up and make Saturday morning your wake-up to all the best in real estate. Bring your questions...we'll have the coffee!
REGISTER
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Tapping Into Our Local Talent
Here's another featured clip from my ongoing video series dubbed "Tapping Into Our Local Talent" in which I interview local experts.
This month, I'm pleased to spotlight insurance broker Christopher Jordan, President of Professional Insurance & Risk Brokerage.
Chris deals primarily with property & casualty, workman's comp, general liability, and commercial auto insurances. His specialties are in professional liability (a.k.a. errors and omissions, or malpractice), pollution or environmental liability, and directors and officers' insurance.
His typical clients include law or CPA firms, real estate or mortgage brokers, computer consultants and designers, contractors, architects, and engineers.
For more information, contact Chris at 781-826-7475, or email him at pirb@msn.net.
Click on the video below to watch his interview.
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Tapping Into Our Local Talent: Christopher Jordan of Professional Insurance & Risk Brokerage, LLC
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My goal throughout this video project has been to let the public know about available options and to help business experts I trust to grow their businesses.
If you know of someone who could benefit from the knowledge or services of one of the local experts interviewed, please forward the video links to them. The videos are also posted on my blog, Facebook page, and YouTube Channel. Tune in regularly to see our latest episode.
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 Connie White has worked as a full-time Realtor for over 20 years. During her career, she's earned the following certifications: ABR (Accredited Buyer Representative) and CDPE (Certified Distressed Property Expert - meaning she's a certified expert in helping homeowners facing short sales).
Connie has been affiliated with RE/MAX (an international organization) since 1990. Her motto is: "Delivering Excellence" - Your South Shore Realtor for Single-Family, Condos, Multi-Family, Oceanfront, Luxury, and Distressed Properties.
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320 Washington Drive
Norwell, Massachusetts 02061
RE/MAX Realty Advisors
(617) 697-5566 |
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Featured Property |
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91 Whitcomb Avenue,
Hingham, MA
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Picture-book Cape in a sought-after Hingham neighborhood! The 1,957 sq.ft., 4-bedroom, 2-bath home's space is ideal for a growing family.
Arched windows, wood floors, built-ins, atrium doors, and a vaulted ceiling enhance the special details of this must-see home!
91 Whitcomb Avenue
Hingham, MA 02043
$639,900
Virtual Tour
Click here to view additional photos and listing details.
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Useful Resources
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Visit my website
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Home Buyer Workshop
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In the News...
How to Predict Local Home Prices
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Everybody's looking for more than just a guesstimate when it comes time to make one of the most expensive decisions of your life - whether you're buying or selling. Anticipating the market is the most difficult part of the process, especially obtaining local market data. Fortunately, understanding the dynamics of supply and demand goes a long way toward helping you get accurate forecasts. Read more on my blog. __________
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Book Review:
Embrace the Struggle
by Zig & Julie Ziglar
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With insight into his own personal health struggles, Zig Ziglar presents a series of stories about "living life on life's terms".
I highly recommend this book, whose stories offer valuable lessons as we face life's unexpected challenges. Yet, as I work with many Sellers and Buyers, I'm touched by their personal struggles: couples facing divorce, Veterans dealing with disabilities, families caring for their aging parents, and others considering short sales. Their stories often reflect the challenges they face with hope, patience, and grace. Their stories are not listed in this book, but by their example, they are a testament on how to "embrace the struggle". |
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