Tag Archives: Mortgage

The Benefits of a Mortgage Sinking Fund

My family’s only remaining debt is our home mortgage, and one of our top two or three financial goals is to pay off our mortgage early. For the last couple years we have been throwing some extra payments against the mortgage off an on, without much regularity. We have enough money in savings to make a large dent on the …

Read More »

How Fast Can I Pay Off My Mortgage

how fast can I pay off my mortgage

There comes a time when most homeowners ask themselves, “how fast can I pay off my mortgage?” ┬áTechnically, we can pay it off early, but should we? Now, I don’t have enough cash sitting in savings to pay it off with one fell swoop, but we could make a sizable dent and finish it off in the next five years …

Read More »

Mortgage Escrow Account Rules Every Home Owners Should Know

mortgage escrow account rules

If you are in the market for a home loan or a mortgage, it is important to understand mortgage escrow account rules. Many lending institutions require their borrowers to maintain escrows on mortgages, and even those who don’t require it often encourage it. This is because a mortgage escrow reduces the company’s chance of losing their investment in your home …

Read More »

Is Withdrawal from Roth IRA for Home Purchase a Smart Strategy?

withdrawal from roth ira for home purchase

IRS regulations offer a break to first-time home buyers by allowing withdrawal from Roth IRA for home purchase. Typically, income earned in a Roth IRA can only be withdrawn tax free after the account holder has passed the age of 59 1/2. Non-qualified distributions before that age are charged a 10% withdrawal penalty to discourage investors from withdrawing money outside …

Read More »