maribelle
Apprentice
Joined: 02 Jun 2006
Posts: 6
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 Posted: 01/17/08 - 23:54 Post subject: |
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| Overpaying mortgage sometimes can bring penalties, especially if it is fixed or discount rate deal. Interest rates are rising and homeowners want to get out of that circle. Just to remind you when you overpay your mortgage you just pay off your debt without investing. First, you have to ask your broker if it is possible to reduce the amortization period. Then, by accelerating payments you are making extra paying to your mortgages preferably to organize it on your biweekly pay check and squeeze in two extra payments for a year. Don’t forget to arrange to get a variable-rate mortgage since, as I told you, you would have to pay penalties for overpaying. |
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