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2. You must have an acceptable debt-to-income (DTI) ratio. Your DTI includes all your debt, such as credit cards, auto loans, student loans, and mortgages.
If the interest rate on your mortgage is low, it might be wiser to put extra money in your company’s 401(k) plan, save for a child’s college tuition or pay off other debts with higher interest ...
Personal finance guru Suze Orman has a cornucopia of helpful advice. Among her tips, she suggests paying off your mortgage by the time you retire. I'm a Self-Made Millionaire: Here Are 3 Things I...
Contributing to your 403(b) at least up to the amount of your employer’s match is a good way to avoid leaving (almost) free money on the table. 403(b) contribution limits Employees can ...
If you need $25,000 to pay for college or to start a business, you could do a cash-out refinance that nets you $225,000. After paying off the original mortgage of $200,000 plus fees, you’d have ...
For instance, if you pay off your mortgage faster to the detriment of funding your retirement accounts or kid’s college fund, you could be missing out on growing those funds at a greater rate ...
A loan payoff letter: This document will show (down to the penny) what you need to pay off the remainder of your mortgage, plus any owed interest or fees. If you have paid everything off, it will ...
The decision to pay off your mortgage or invest boils down to your finances and risk tolerance. A mortgage is considered “good” debt, with relatively low risk and a lower interest rate.