Saving money on your mortgage in 2013
This series of articles is about opportunities available to consumers to save money on a mortgage in 2013. The first two articles were directed to unexploited opportunities to refinance, and finding the best possible deal on a new mortgage. This one is about reducing interest payments on an existing mortgage.
This is a good time to pay down your mortgage: One of the vexing features of the post-crisis financial system is the dearth of riskless investments paying a decent return. The rates on federal government securities and insured certificates of deposit (CDs) are not much greater than zero.
Yet every homeowner with a mortgage has the opportunity to earn a return equal to the interest rate on the mortgage, with no risk, simply by making extra payments. It is the best investment opportunity most homeowners have.
The only downside to using mortgage repayment as an investment is that it has no liquidity — once you make the payment you can’t take it back if you have an unexpected need for funds.
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