Tag Archives: finance

Redeem Your Mortgage: 4 Things You Can Do

MortgageOne of the best feelings in the world is knowing that your mortgage has already been paid in full. So why not redeem your mortgage early on?

A redeemed mortgage is a mortgage that has been fully paid by the borrower. This means the end of monthly payments and the start of full control over your property. And yes, there are ways to do this without waiting for 25 years or so.

Ways to redeem your mortgage

  1. Pay more

Had your bonus for the month? Use it to pay your mortgage. Paying more than the usual is one of the most effective means to redeem your mortgage early on. Easier said than done as you need to manage your monthly expenses, but it is definitely doable.

  1. Pay more often

Instead of paying once a month, paying it bi-monthly would make you finish paying your mortgage at a shorter amount of time. This also means lesser interest rates. Discuss with a Salt Lake City mortgage company on how you would be able to avail this option.

  1. Refinance to lower interest mortgage

Technically, shifting to a lower interest rate would mean paying less for a longer amount of time. Do refinance to a lower interest rate mortgage but keep your payments the same. If the minimum is $700/month in your previous mortgage and the minimum is $500/month when you refinance, still stick with your $700/month payment.

  1. Refinance to a shorter period mortgage

Refinancing to a shorter period would mean lower interest rates and shorter payment period but higher monthly payments. If your monthly expenses allow you to pay more than the usual, then you may opt to choose this method.

Overall, discipline is the key to redeeming your mortgage earlier. Tightening your financial belts for a few months is definitely worth it, if it means being debt free earlier.

Where to Spend Your Hard-Earned Money? Choose Wisely

Houses For Sale in Edina, MNMany people are working long hours just to survive or earn money for future use. However, one of the most helpful tactics to assist you in handling your hard-earned money is to invest it in various ways to achieve financial security.

Many individuals have planned in the past that before they reach the age of 45, they should already reach that certain financial stability that will sustain their needs for the rest of their lives. However, because of the fast paced life and the constant increase in the cost of living, it has become a hard goal to reach.

Relying solely on the salary cannot sustain the family for a long time. That is why investing in some businesses or real estate properties can assure financial security in the long run.

  1. Real Estate Properties

Investing in real estate properties is never a bad decision in terms of financial security. This is because the value of real estate properties does not depreciate in time. Instead, as time passes by, its value doubles or increases.

For better income, investing in houses for sale in Edina, MN, can be a good decision. After a few years or a decade, the value of the property has increased. For others, investing in commercial or rental establishments is better since there is are monthly rental fees.

  1. Investing in Business

Investing in business is one of the best ways to make sure your hard earned money is not put to waste. When you have established a successful business, you can sustain your needs and the needs of the family when you retire from work. It promises financial stability and security in the future.

Financially securing your future often requires a big move like taking the risk in investing. Be sure you put a great though on the idea and in a time advantageous manner, you may be able to retire earlier than expected. Aside from this, you can retire without worrying about your future.

Fifty… Now What?: Financial Decisions to Make at Fifty

financeMost financial experts advise the young to start planning early, but it’s never too late for the middle-aged to make smart financial moves. Even if you only have about ten years left before retirement age, you can still make the most of your money, protect your assets and sail smoothly ahead.

They say fifty is the new forty. Whether you’re consulting a financial adviser about retirement or with attorneys from firms like assetprotectionatty.com regarding asset protection in Utah, fifty isn’t too late yet.

Think about protecting the assets you spent decades building and the cash flow that comes with your growing assets. Consider what could derail your retirement and take measures to prevent bigger mistakes from happening.

Long-term Care Insurance

Fifty is the best time to purchase a policy. LTC is expensive and the cost keeps going up, so people use insurance to help pay for it. The best time to buy LTC insurance is while you are still young, since it is based on age, and when you are healthy, since pre-existing conditions may affect coverage.

Stick with a policy that has a lifetime benefit so it will continue to pay no matter how long you require care. If cost were an issue, though, financial planners would recommend a 5 – 6 year benefit period instead.

Review Estate Planning Documents

If you’re one of those who had their retirement plans drawn several years back, then good for you. But when you are fifty and nearing its time of significance, it would be smart to review your estate planning documents.

To illustrate, your ex-spouse could still be in charge of your medical care or you two could still share assets and various properties. Consult with professionals for assistance on the transition of names, titles and privileges and the review of your estate planning documents.

Go over your will or trust, bank accounts, and retirement accounts, to confirm every detail is up to date. When you reach fifty, the smartest move is to protect all the miles you already covered and make sure the road ahead is without any bumps.