“Should I Continue to Prepay my Mortgage?”
I guess maybe with the economy not looking so hot and Fed trying to keep rates low for a long time, I guess that rates may stay low for a while so no panic on refinancing. Hopefully in a few months my credit will get to where it needs to be.
Question for you, should I keep paying some of the principal down a bit each month? I had been doing an extra $2,500 each month. I seem to have so much money accumulating in my bank (I think 12 months + accumulating for taxes).
Most times I would not recommend prepaying a mortgage, especially when current rates are in the 2% & 3% range. But when the client’s current rate is in the 6’s, prepaying the current mortgage makes perfect sense.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
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Manchester, Ct. 06042
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