Your home could be the ultimate savings account. Think long term and how you would like to achieve financial independence. Paying a little extra each month could bring you towards no house payment sooner. Wouldn’t it be nice not to have to worry about your house payment because your home is paid off! The other scenario, maybe you knew when you bought your home that you would want to move up eventually.
Using your home as an ultimate savings account is a great idea. You can’t make withdrawals after you have put the money towards your loan like you could on a regular savings account. This is a long term investment with great rewards. Suppose you have some difficulties or need the money for something important you can always get a home equity line to access the money. I discourage this unless it is your last resort. Doing this sort of defeats the purpose of getting your home paid off early or growing your equity in your home. Think long term and how you would like to achieve financial independence…….read the complete article
by Teresa Larson, Village Real Estate, Murray, Utah
20+ years real estate experience
©Teresa O Larson PC, 2005-2015