808 Oahu Realtor (Ryan Riggins) License #RS-74740

Our way of spreading the word with Real Estate News

Pay Off Your Mortgage?

Leave a comment

Becoming debt free is as much a part of the American Dream as owning a home but there certainly can be conflicting circumstances that make the decision to pay off your mortgage early unclear. 32498400-250.jpg

The advantages of paying off debt early is increased cash flow, less interest paid and a higher credit score. The disadvantages are lower cash flow available as discretionary funds for meals, entertainment and other things. If the ultimate goal is financial security, is it worth the intermediate sacrifice?

Whether you pay off your mortgage early is a personal decision that may be right for one person and not for another. Consider the following before you get started:

Reasons you should

  • Peace of mind knowing that you don’t have a mortgage
  • You’ll save interest regardless of how low your mortgage rate is
  • Lowering your housing costs before you retire

Reasons you shouldn’t

  • You can invest at a higher rate than your mortgage
  • You have other debt at a higher rate than your mortgage that needs to be paid off
  • You might need the money in the future and want to remain liquid
  • You might not qualify for a mortgage currently
  • You should pay off other debt with higher interest rates
  • Your employer has a matching retirement plan that would benefit you more
  • You have more urgent financial needs like emergency fund, life, health and disability insurance
  • You expect high inflation and the value of your mortgage debt will decrease

Use this Mortgage Accelerator to determine how quick you can pay off your mortgage.

Author: Ryan Riggins (RA)

Ryan started building his businesses at the age of 18, and he hasn't stopped since. He is a successful Real Estate Agent and Investor. He not only has rehabbed properties, but also holds properties as rentals. Ryan has made money by building his real estate investment business, learning on his own, and finding mentors willing to share their knowledge with him. Ryan is a true Entrepreneur. When Ryan Riggins found himself making a change to Real Estate in 2006, he looked back to his first open house at the age of seven with his Mentor/Broker and father John Riggins. In 2006 Ryan was living in Ohio, he realized it was time for a change. He packed up and moved to Port Lavaca, Texas. He literally rolled into town on his last tank of gas, and lived in a old burger joint, and knew he needed to come up with money to pay his Mortgage. Ryan teamed up with his father and started rehabbing Mobile Homes. Ryan kept working until he had put systems in place for all phases of the business. He has a system for finding properties, to finding contractors for remodeling Flipping and Renting. Ryan continues to works as a Realtor with his father John Riggins as his broker and Rehabbing homes, doing about 4 deals a month. This is his passion. He loves the adrenalin rush, and yes Rehabbing can be a little stressful. In fact, Ryan says: "You've got to have ice water running through your veins." In the course of Rehabbing, Ryan manages to beautify his properties, and the surrounding neighborhoods one step at a time. Ryan enjoys helping others Build Wealth through Real Estate. Whether it be the first time home buyer or the experienced investor or helping distressed home owners sell to avoid Foreclosure. To Ryan its all about building life long friendships.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s