What's Hot: RFK Stadium Cleared For Demolition | Airbnb Unveils Icons
UT Reader Asks: Does It Make Financial Sense To Pay Down My Mortgage Faster?
In this installment of UrbanTurf Reader Asks, a DC homeowner with a growing cash flow inquires about the pros and cons of paying down his mortgage faster as opposed to investing elsewhere.
I'm a homeowner and recently got a pretty significant raise at work. I'm wondering if it makes sense to use some of the additional cash to pay down my mortgage faster. I am about three years into a 30-year mortgage and have refinanced to an interest rate of 3.75 percent. I should probably ask a financial planner, but I'm wondering what UrbanTurf readers think. Does it make more sense to take a chunk out of my remaining mortgage payment or should I invest it somewhere else? What are some of the pros and cons?
Readers, what do you think? Post your thoughts in the comments section. If you would like to submit a question for UrbanTurf Reader Asks, send an email to editor2013@urbanturf.com.
See other articles related to: mortgages, urbanturf reader asks
This article originally published at https://dc.urbanturf.com/articles/blog/ut_reader_asks_does_it_make_financial_sense_to_pay_down_my_mortgage_faster/6655.
Most Popular... This Week • Last 30 Days • Ever
Georgetown Metropolitan reported on Tuesday that the Instagram account for the nation... read »
A Home Equity Line of Credit, commonly referred to as HELOC, is a borrowing product t... read »
The National Park Service has given the green light for DC's 62 year-old stadium to b... read »
UrbanTurf continues our tour of neighborhood developments around the region as we tak... read »
A regular inclusion as one of DC's most expensive housing markets, Georgetown remains... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro