Should I Pay My House Off Early?

on November 21, 2017 No comments

In today’s financial climate, there are many different options and strategies that can result in personal success. Often times when we hear of a new strategy or trend, there are often as many “cons” as there are “pros”. That’s not to say that you should or should not try a new strategy, it’s just to say that you should do your research and best see how that strategy would benefit you.

In that vein, one question we get asked often is, “Should I pay off my house early?”

Our advice would not be to pay your home off early or don’t pay your home off early.  Since mortgage loans are amortized with interest being front loaded because mortgages have an equal payment for the life of the loan, it is important to understand where you are on the spectrum of the loan.  If you have already paid a significant portion of the interest, it may be more beneficial to direct extra money into a savings account.  If you still have a significant amount of time on the loan, it can make sense to get principal paid down to alleviate the significant interest burden that exists on long loans.

Additionally, if you are in a high tax bracket, some of the interest burden is offset with a tax deduction.  For the highest earners, this can be very favorable because a federal bracket of 33% or higher means that this is a deduction that needs to be considered for taxes.

Rarely do we view finances as purely black and white.  Our goal is to help families make better financial decisions based on their personal situation through analysis.

If you’re interested in learning more about how Courage Miller Partners can help you, contact us today!

CLICK HERE TO CONTACT COURAGE MILLER

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Jase TeamShould I Pay My House Off Early?

A Partner In Your Fiduciary Trust Management

on November 7, 2017 No comments

One of the more difficult components as a trustee is the duty to monitor service providers and investment managers. The stewardship of the trust through effective management of the trustee’s responsibilities will ultimately determine the long-term sustainability of the trust and it’s ability to provide for the beneficiary.

That’s where we come in. We work with you, the trustee, and help you manage with confidence. An overview of our services reveals our desire to help with:

  • Clear and accurate reports of your fiduciary portfolio assets across multiple accounts and from all financial institutions.
  • Consolidated and separately monitored account reporting to help comply with the Uniform Prudent Investor Act and the Uniform Prudent Management of Institutional Funds Act.
  • Objective third party consulting services to provide insight and interpretation of information.

Important decisions have to be made and because the impact of those decisions affects the livelihood of the people or organizations dependent on that trust, it shouldn’t be made alone.

Contact our team today to schedule a meeting.

CLICK HERE TO CONTACT COURAGE MILLER 

 

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Jase TeamA Partner In Your Fiduciary Trust Management