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repayment mortgage definition

Why Would a Lender Modify My Mortgage Why would a lender modify my mortgage is a frequently asked question I wanted to answer via video. Lenders have too many home ...

Prepaying your mortgage: How reducing your loan principal can lead to big savings

Bankrate’s mortgage amortization schedule calculator can help you figure out the impact of extra payments on your mortgage. Click “Show amortization schedule” to reveal the section that lets you calculate the effect off additional payments.

What are the drawbacks of prepaying my mortgage?

There are potential downsides to prepaying. For starters, typing up your cash in your home means you have less liquidity and wiggle room in your budget. In other words, you’ll have less readily available cash to put toward increasing your 401(k) contributions or paying down high-interest debt. These financial goals could offer a higher return on your investment.

Another consideration is the opportunity cost of not having that extra money invested elsewhere. Over the past four decades the stock market has returned an average of 10 percent a year. For the broad bond markets, the average annual gain has been close to 8 percent.

When asking yourself, “Can I prepay my mortgage?” look at your entire financial picture.

$8,000 Tax Credit Repayment if you move but aren't renting your home.?

I bought a home in November of 2009 in VA and got the $8k credit. After recently losing my job I am planning to move to California and find a job there.

Yes you'd have to pay it back. Must live in it as your main home for 3 years means just that, unless you move because of military orders.

And your case isn't unique - people move from state to state frequently.

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