I have about 8 months left on my mortgage and home equity loan. What should I be on the lookout for?
For example, is it better to pay one or the other off first, or is it better to have them both end at about the same time?
I know the requirements for homeowner’s insurance will change, so it’d be a good time to shop for that. Any tips? Any other related considerations? Maybe a good time to review tax withholding because my interest deductions will be going away (though they’ve obviously been drifting down anyway)?
f you have been paying property taxes and insurance through an escrow account you are now going to have to add them into your budget. Set up a savings account or another account that can be withdrawn from. Instead of monthly house payments you now will have monthly tax and insurance to pay.
congratulations man I wish I had your problem.
And do not let anyone talk you into remortgaging your house so you will have the interest deduction.
So… you have a home equity loan that is separate from your mortgage? I think it would make sense to put additional monies towards the principle of whichever loan has a higher interest rate.
Mine gets paid off in about 6 months. I’ve been adding to the principle a lot over the last few years. It’s been really nice to see those numbers come down to a point where you can actually see that it is going away.
We are taking a little vacation. It’s that time for my wife and I anyway. Nothing extravagant.
Yep, as Snnipe 70E said, don’t let insurance or taxes lapse. There will always be that. Death and taxes… aaaaannnnddd… insurance.