Social media influencers and news outlets often broadcast their ideas to the world without adding the caveat that the strategy they are discussing is not ideal for every individual. Below are some bits of advice I’ve seen over the last several weeks as an approach to mortgages:
#1 “Now is the time to lock in a long-term mortgage.”
#2 “Start making extra payments on your existing mortgage to pay it off more quickly.”
#3 “Make a large down payment to reduce your overall cost of the mortgage.”
All three of these might be a good idea for an individual person, but it might be a terrible decision for another person. Your cash flow needs, upcoming life events, length you desire to stay in your next housing situation, other personal loan rates, and other investment opportunities are just a sample of the items that need to be taken into consideration when assessing your best path forward. We are here to help you work through these options, analyze them, and help you take the right path forward for you.