Tips for Paying Down Your Tacoma Home Mortgage

Want to sell your home? Get a FREE home value report. Want to buy a home? Search all homes for sale. Many clients ask, “When should I start aggressively paying down my mortgage?” Today, I’d like to give you some input.

First off, there is a huge difference between mortgage debt and other debt. In most cases, mortgage debt is considered a good debt. Other debt, like credit debt, is bad. If you have a car loan or student loans, those have higher interest rates than mortgages. You should pay down other debt before you start aggressively paying down your mortgage. ** ** ** ** I also recommend setting money aside for an emergency fund. If you own a home, you’re bound to have unexpected things take place. That’s just part of homeownership. Make sure you have an emergency fund available. Don’t spend it all paying the mortgage down.

Dave Ramsey is a great financial adviser. He writes about emergency funds. If you’re interested, I would be happy to loan you one of his books.

In addition to that, you need to take other expenses into account. Maybe you need to set up a college fund for your kids, or your retirement fund needs some attention. Make sure those are taken care of before paying down your mortgage.

Ultimately, everyone’s situation is different. Find the strategy that works best for you and go all in. I’ve got some great people on the mortgage lending side I’d be more than happy to connect you with, as well as financial planners. They can help you come up with a good, customized plan that works for you.

If you have any questions, give me a call or send me an email. I would be happy to help you!** **