Posted on: 08th Mar, 2009 01:17 pm
My mortgage rate is currently 5.875% for 30 years. If I have extra money every month, should I put them into mortgage (Gived the bank CD interest rate is 2.4%). Some friends said we should put money into bank. Which choice is better?
Thanks!
Thanks!
Hi jordanmurrah!
Welcome to forums!
If you can afford to pay extra money towards the mortgage, I would suggest you to go for that. You should remember that mortgage is your liability. The sooner you pay it off, the better for you. Once your property is free and clear, then you can go for savings.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If you can afford to pay extra money towards the mortgage, I would suggest you to go for that. You should remember that mortgage is your liability. The sooner you pay it off, the better for you. Once your property is free and clear, then you can go for savings.
Feel free to ask if you have further queries.
Sussane
whatever feels right for you is the best thing to do. certainly it helps to have cash on hand for emergencies as well as for the day-to-day. it is also a wonderful thing to be able to prepay a mortgage. perhaps you'd be able to do a little of both.
frankly, it's a very personal decision that you are making. the advice of strangers may be easy to take, but that makes it easy to regret having done so, also.
frankly, it's a very personal decision that you are making. the advice of strangers may be easy to take, but that makes it easy to regret having done so, also.
