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"Guitarist511" <aspwhiz@yahoo.com> wrote in message
news:1143140087.040140.134390@t31g2000cwb.googlegroups.com...
>I'm now at a point where I'd like to send at least 1 extra payment
> to my mortgage company each year. I know that my loan will be paid off
> sooner because of this. I've a few questions.
>
> 1) I believe sending 1 extra payment will help the loan to be paid off
> about 6 years sooner. Is it good to send more than 1 payment if
> possible?
>
> 2) My mortgage company allows you to pay extra to either interest or
> principle. Which is better or should I stick with the current break
> down as they are requiring me to pay for each year?
>
> Thank you.
>
Have you considered putting that money in a Roth IRA, instead? It will be
worth more in the same time frame as paying off your mortgage, and you won't
lose the tax benefit.
Talk to a financial planner. I know it's a better move.
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Re: Extra Payment(s) to mortgage
