The mortgage refinance application process is similar to the purchase process. You’ll need many of the same documents to verify your credit and finances, and most refinance programs require a new appraisal as well. Here’s a closer look at some of the core requirements. Credit Score The credit score to refinance a mortgage differs by … Read more
Despite the wonderful peace of mind that comes with owning a home free and clear, deciding to pay off a low-interest rate mortgage early is not always straightforward. If your mortgage rate is low compared to risk-free investment returns, keeping the mortgage and investing excess cash elsewhere often makes more financial sense. What Is Considered … Read more
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations. The current average mortgage rate on a 30-year fixed mortgage is 6.71%, according to the Mortgage Research Center. The average rate on a 15-year mortgage is 5.77%, while the average rate on a 30-year … Read more
A reader asks: I’m 46 and plan to retire by 55. I’ve calculated that I’ll reach my retirement number in another 6 years giving me a decent buffer for retirement. I have a $500k mortgage at 5.625% with 28 years left. I’m comfortable with debt and don’t see a big concern. I agree with your … Read more
Becoming mortgage free is not just a practical goal to be sensibly evaluated as part of your wider investing strategy – although it is that for sure. There’s an emotional component to getting rid of your mortgage, too. And we shouldn’t ignore our emotions because they hugely influence our ability to stick to our plans. Feelings … Read more