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mortgage or not to mortgage
ShelbyDoz
Posts: 2 Newbie
my mortgage is getting smaller...is it better to pay the mortgage each month and have less savings in the bank, or mortgage nearly paid off and have less actual savings ???
THANKS
THANKS
0
Comments
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my mortgage is getting smaller...is it better to payoff as much as I can off the mortgage and have less savings in the bank or vise versa?0
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Normally it is sensible to keep a 3- 6 months living expenses so food, CT, travel, utilities etc as an emergency fund to cover you if you lost your job - and then you could look to pay down/off the mortgage. As once that bill is gone you can free up cash for investing etc
Can you pay it down in one?
Maybe put some figures down on here as lots of experts on here who can give more specific advice once they know your figures,
Are you charged for paying down early - many mortgages have a maximum 10% over payment? or maybe you are out of a deal?
DON'T BUY STUFF (from Frugalwoods)
No seriously, just don’t buy things. 99% of our success with our savings rate is attributed to the fact that we don’t buy things... You can and should take advantage of discounts.... But at the end of the day, the only way to truly save money is to not buy stuff. Money doesn’t walk out of your wallet on its own accord.
https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest1 -
Hi, need thoughts from others. we are planning to get mortgage. is it still a good idea to get it this year? or wait until rates goes down a bit? will it take 2 years before this happens?0
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