Comments on: Low Interest Savings Rates: Beating the Odds http://www.moneyfunk.net/finances/invest-in-your-mortgage/ Personal Finance & Frugal Living Tue, 07 Feb 2012 09:38:55 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Find and share referral rewardshttp://www.moneyfunk.net/finances/invest-in-your-mortgage/#comment-7465 Find and share referral rewards Fri, 11 Jun 2010 15:19:53 +0000 http://www.moneyfunk.net/?p=6538#comment-7465 Hi Christine. Great idea to accelerate your mortgage payments. What our family does is send an additional 1/12th of a mortgage payment with each monthly mortgage payment. In the end it comes out to making an extra payment each year. Great topic. Hi Christine. Great idea to accelerate your mortgage payments. What our family does is send an additional 1/12th of a mortgage payment with each monthly mortgage payment. In the end it comes out to making an extra payment each year. Great topic.

]]> By: Memorial Day Remembrance and Personal Finance Linkshttp://www.moneyfunk.net/finances/invest-in-your-mortgage/#comment-7135 Memorial Day Remembrance and Personal Finance Links Mon, 31 May 2010 10:42:30 +0000 http://www.moneyfunk.net/?p=6538#comment-7135 [...] Common Myths at Studenomics. Bloggers and Their Relationship with Money at The Financial Blogger. Low Interest Savings Rates: Beating the Odds at Money Funk. Frugal Printing, Is It Possible? at Eliminate The Muda. Did I Just Steal ~400k from [...] [...] Common Myths at Studenomics. Bloggers and Their Relationship with Money at The Financial Blogger. Low Interest Savings Rates: Beating the Odds at Money Funk. Frugal Printing, Is It Possible? at Eliminate The Muda. Did I Just Steal ~400k from [...]

]]> By: Financial Samuraihttp://www.moneyfunk.net/finances/invest-in-your-mortgage/#comment-6939 Financial Samurai Sun, 23 May 2010 04:44:56 +0000 http://www.moneyfunk.net/?p=6538#comment-6939 Awesome calculator! Love playing around with these. Right now, I get 4% for about 98% of all my cash savings vs. a mortgage blend of about 5%. Hence, I try and pay down using 10% of my cash flow a year. It's just accounting really. Say you have a $500,000 mortgage but $500,000 cash in the bank... it doesn't really matter where the monies is. It would be nice come retirement time though to have no debt. Awesome calculator! Love playing around with these.

Right now, I get 4% for about 98% of all my cash savings vs. a mortgage blend of about 5%. Hence, I try and pay down using 10% of my cash flow a year.

It’s just accounting really. Say you have a $500,000 mortgage but $500,000 cash in the bank… it doesn’t really matter where the monies is.

It would be nice come retirement time though to have no debt.

]]> By: MoneyReasons Weekly Cache 2010, May 23 Iron Man | Money Reasonshttp://www.moneyfunk.net/finances/invest-in-your-mortgage/#comment-6938 MoneyReasons Weekly Cache 2010, May 23 Iron Man | Money Reasons Sun, 23 May 2010 03:25:25 +0000 http://www.moneyfunk.net/?p=6538#comment-6938 [...] Low Interest Savings Rates: Beating the Odds - Interesting alternative way to pay off your mortgage early and without pain!  Very interesting [...] [...] Low Interest Savings Rates: Beating the Odds - Interesting alternative way to pay off your mortgage early and without pain!  Very interesting [...]

]]> By: LeanLifeCoachhttp://www.moneyfunk.net/finances/invest-in-your-mortgage/#comment-6909 LeanLifeCoach Sat, 22 May 2010 02:14:06 +0000 http://www.moneyfunk.net/?p=6538#comment-6909 I am with you on this one! We've been steadily increasing the extra payments to our mortgage since we moved in. In addition we throw any unexpected excess there as well. We track every payment and determine the impact. To date we are already on track to save over 100K on our mortgage. Right now we are on track for our 30 year to be paid off in 16 but our stretch goal is 12. I am with you on this one! We’ve been steadily increasing the extra payments to our mortgage since we moved in. In addition we throw any unexpected excess there as well. We track every payment and determine the impact. To date we are already on track to save over 100K on our mortgage. Right now we are on track for our 30 year to be paid off in 16 but our stretch goal is 12.

]]> By: Money Funkhttp://www.moneyfunk.net/finances/invest-in-your-mortgage/#comment-6891 Money Funk Fri, 21 May 2010 15:44:33 +0000 http://www.moneyfunk.net/?p=6538#comment-6891 It does, huh? I don't think I would do it either. Who wants to keep filling out applications, too? That is as much drudgery as sending applications/resumes. ;) So, is my son. Aren't they expensive?! Least your son knows what he wants to do. Mine is still trying to figure it out, but I plan on taking him to a couple art college tours this summer. You know, you might consider an Ivy League school. I heard they are offering pretty awesome <a href="http://www.admissionsconsultants.com/college/ivy_league_financial_aid.asp" rel="nofollow">financial aid packages</a> to low and middle income families. It does, huh? I don’t think I would do it either. Who wants to keep filling out applications, too? That is as much drudgery as sending applications/resumes. ;)

So, is my son. Aren’t they expensive?! Least your son knows what he wants to do. Mine is still trying to figure it out, but I plan on taking him to a couple art college tours this summer.

You know, you might consider an Ivy League school. I heard they are offering pretty awesome financial aid packages to low and middle income families.

]]> By: Money Funkhttp://www.moneyfunk.net/finances/invest-in-your-mortgage/#comment-6890 Money Funk Fri, 21 May 2010 15:36:41 +0000 http://www.moneyfunk.net/?p=6538#comment-6890 I am trying to find our paperwork. I want to say they collect a very small admin fee from our weekly transfers. Like < $3 a week. Which is $168 per year. We have about another 10 years to pay the house off. So they will make a couple grand. I still see it as a win-win situation with us saving $40K. I am trying to find our paperwork. I want to say they collect a very small admin fee from our weekly transfers. Like < $3 a week. Which is $168 per year. We have about another 10 years to pay the house off. So they will make a couple grand. I still see it as a win-win situation with us saving $40K.

]]> By: Money Funkhttp://www.moneyfunk.net/finances/invest-in-your-mortgage/#comment-6889 Money Funk Fri, 21 May 2010 15:31:29 +0000 http://www.moneyfunk.net/?p=6538#comment-6889 Seriously. I wish they would come back now that I know most of my P's and Q's about finance. ;) And I can't wait for the day I can say I have a year's worth of savings tucked away! Seriously. I wish they would come back now that I know most of my P’s and Q’s about finance. ;)
And I can’t wait for the day I can say I have a year’s worth of savings tucked away!

]]> By: Everyday Tipshttp://www.moneyfunk.net/finances/invest-in-your-mortgage/#comment-6888 Everyday Tips Fri, 21 May 2010 13:23:42 +0000 http://www.moneyfunk.net/?p=6538#comment-6888 Chasing interest rates seems exhausting to me, and probably not worth my time. (Imagine filing your taxes with all those changes.) My oldest son is a sophomore in high school and I have been thinking of putting all our extra money into our mortgage (this is after all other saving is covered, emergency funds, vacation, etc). This is also attractive to me because he is considering some pretty expensive schools. If I have 50,000 in cash, I am sure the financial aid services will see that as money available to be used for college. But, if I 'bury' it into my house, I am hoping it won't be viewed that way. I am on track to have my house paid off in 7 years, but I just may be moving that up. Chasing interest rates seems exhausting to me, and probably not worth my time. (Imagine filing your taxes with all those changes.)

My oldest son is a sophomore in high school and I have been thinking of putting all our extra money into our mortgage (this is after all other saving is covered, emergency funds, vacation, etc). This is also attractive to me because he is considering some pretty expensive schools. If I have 50,000 in cash, I am sure the financial aid services will see that as money available to be used for college. But, if I ‘bury’ it into my house, I am hoping it won’t be viewed that way. I am on track to have my house paid off in 7 years, but I just may be moving that up.

]]> By: PThttp://www.moneyfunk.net/finances/invest-in-your-mortgage/#comment-6878 PT Fri, 21 May 2010 06:05:56 +0000 http://www.moneyfunk.net/?p=6538#comment-6878 after investing in retirement savings, it's definitely a good idea to tackle debt right now. unless you have some other way of guaranteeing a nice return, then the return from debt payoff is the way to go. but like you say, it's all about your own individual goals. do you have to pay to be a part of that acceleration program or is that a free service? after investing in retirement savings, it’s definitely a good idea to tackle debt right now. unless you have some other way of guaranteeing a nice return, then the return from debt payoff is the way to go. but like you say, it’s all about your own individual goals. do you have to pay to be a part of that acceleration program or is that a free service?

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