Aggressively Pay Down Your Chattanooga Mortgage

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Should I pay down my mortgage? This is a question we get often, and I’m all about this idea. However, I think you should approach it strategically. There are some things to keep in mind before you go ahead and make this decision.

• Pay off your credit cards first. Take care of credit cards with high interest rates. Conquer debt. Handle it.

• Build an emergency fund. Set aside money just in case something happens. Stock up for an emergency fund.

• Build a retirement fund. If you’re like me, you’ve been doing the same thing for a long time and might not think retirement will ever get here. It does, though. Plan ahead and get ready for retirement.

• Build a college fund. You need to prepare for your children with money set aside. This will come in handy when the time comes. After all, the cost of a college education continues to skyrocket.

• Obtain long-term healthcare insurance. Based on your family’s individual circumstances, this might be something you want to contribute to.

If you’ve done all of these things already, it’s an excellent idea to aggressively pay down your mortgage! There are a couple ways you can do this, such as adding money to your principal each month. You can start approaching this from the day you close by writing an additional check for the principal each month. At this rate, you’ll be able to pay off a thirty-year loan in about seventeen or eighteen years. We’ll be glad to walk you through this process.

If you’re interested in buying or selling a home, give us a call or email today. We’re happy to discuss them with you!