Description: The passage is about ditech-mortgage-login in which Stacy answers readers’ personal finance questions. The following information is mainly about the mortgage.
Welcome to your money Q&A; question of the day. I’m your host Stacy Johnson and this answer is brought to you by moneytalksnews.com. Serving up the best in personal finance news and advice since way back in 1991.
Here’s our question today. It comes to us from Carolyn and Carolyn says how risky is it to take on a mortgage in your 50s? What would be the fastest way to pay one off so that we’re not working until the day we die?
I’m 62 and I’ve got a mortgage. So I don’t think there’s an age limit when it comes to having a mortgage. Because it’s not the mortgage that matters. It’s the money that matters. Do you have enough money to own a house versus renting one? Do you have enough money to comfortably pay that mortgage every month?
That’s the question you should be asking. Now a lot of people consider and I’m not sure if this might be a rent versus own question. Maybe Carolyn’s asking if she should have a mortgage which is asking should I own a house versus renting one.
Here’s something you should know. According to nerd wallet, the average renter pays 30 to 90 percent less than the average homeowner. Owning a home is more expensive than renting a home. So this is something to consider. You certainly don’t want to pay a mortgage if renting could give you more peace of mind.
I personally have always wanted to own a house versus renting one. I think their subjective concerns make me say that. As well as I tend to live in places where mortgages or rather property prices have gone up. These are things you need to consider.
As far as paying down a mortgage. What’s the fastest way to pay one off? You probably know the answer already. Pay as much as you can. When it comes to credit card bill, a car loan, a mortgage loan or any kind of a loan, the minimum payment that you make every month is that.
It’s a minimum. You should always try to pay more than the minimum whether it’s a credit card a car loan or mortgage to get rid of that debt as fast as possible. What about buying versus renting? When would you buy a house versus renting? Lots of things go into the equation.
But one thing that you should consider is our property values rising where you live. That sounds obvious. But how would you know if you’re living in an area where property values might be expected to rise. It is a population growing.
More importantly our job is growing. If you’re living in a place where jobs are growing rapidly like Seattle off the top of my head where many people are getting employed every week, it’s booming.
If you’re live in our area, buying a house including the mortgage might be ultimately in your best interest providing you’re able to comfortably service that debt.
Does that make sense Carolyn? I hope so. That’s our question for the day. We always do with our quote of the day and here it is from Sophie Kinsella and it is people who want to make a million borrow a million first. This is a good quote. I appropriate to our question today. I hope you have a profitable day.