Looking to buy a new home and close to retirement?
Yes. If you can pay off your home by the time you retire, your retirement - statistically - will be much more comfortable than if you still have mortgage payments.
Therefore, if you are seeking to sell and buy a new home, or seeking to refinance, anytime before you retire, always set your loan term to expire at the same time as your intended retirement.
If you cannot achieve this rule of thumb, you should speak with a certified financial planner.
Taking years off a loan doesn't take much. Simply paying an extra $100 - 200 per month, will help you take many years off your loan, depending upon its size.
Therefore, if you are seeking to sell and buy a new home, or seeking to refinance, anytime before you retire, always set your loan term to expire at the same time as your intended retirement.
If you cannot achieve this rule of thumb, you should speak with a certified financial planner.
Taking years off a loan doesn't take much. Simply paying an extra $100 - 200 per month, will help you take many years off your loan, depending upon its size.
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