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lufeitan

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Posts: 6
Reply with quote  #1 
Hello, everyone. I was wondering, assuming a 30-year fixed-rate mortgage on a rental property, under what circumstances would it be beneficial to pay off the mortgage early, if any? Thanks in advance.
Marytmary1978

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Posts: 445
Reply with quote  #2 

When you can't put the extra money to any better use than the low interest rate you are paying on the mortgage.

 

Personally, I can almost always find something that pays better than 5%-- like buying another property.

bettyjmaar

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Reply with quote  #3 
I agree that you should pay the extra money to better use than the low interest rate,  in that case it would be good for you.
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Ajitallbey

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Reply with quote  #4 
I think you need advisor that guide you in proper way contact this addresses:



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KylaS

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Posts: 6
Reply with quote  #5 
My sister and I and a roommate have been renters for the last 10+years, 2 1/2 years in our current house we rent and 8 years in the previous one, in our previous house the landlord decided to sell the home. Which forced us to move, of course he wasn’t able to sell it and asked us to move back but by that time we had already signed the lease on our current place. My roommate maintained the property on both houses, this covered most common repairs and landscaping (he is a green thumb) in exchange for $100 credit each month. He actually added value to the home because the landscaping on both properties looked fantastic to what is was prior. As renters we knew our neighbors and watched out for each other so I disagree with you that renters don’t have any interest in the neighborhood. I cant see why they couldn’t unless they are dodging bullets and replacing windows on their vehicles.
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markfox

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Reply with quote  #6 
Quote:
Originally Posted by lufeitan
Hello, everyone. I was wondering, assuming a 30-year fixed-rate mortgage on a rental property, under what circumstances would it be beneficial to pay off the mortgage early, if any? Thanks in advance.


It is necessary to pay in advance if you often fail to remember your bill. Immediately after you move someplace brand new, you never know what your utilities will truly cost you until you get that very first bill. You may have been anticipating a fifty dollar bill and end up with a two hundred dollar bill.
NateWalkers

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Posts: 7
Reply with quote  #7 
Paying it off early for me is really a good idea because of the fact that in near future you are free about it.Rental property always reminds me of some business in Finland and it is a vuokra varasto or warehouse for rent which i am thinking that their is a big differences about rental property and this warehouse rental.
milesmaxx

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Posts: 6
Reply with quote  #8 
The faster you pay off your mortgage, the faster you'll own your home, right? Right. However, according to some mortgage and finance experts, paying down your mortgage early may not always be the smartest option.
If you pay your mortgage earlier or by the time given, it will be beneficial for the owner.
By this he will be able to save for his future. Another thing is that you do not have to pay penalties or extra charges for your mortgages....

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propertymanager

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Posts: 4
Reply with quote  #9 

Hello! To my mind it’ll be better for you to pay extra on your mortgage each time. This way you’ll get an opportunity to get rid of your mortgage earlier and save some money in interest over the life of the loan. But in case when you pay extra money, ask the bank whether this extra is applied to the principal balance! As it can be set aside for your next payment. You told us that you have a 30-year loan, but try to make payments as if you had a 15 year loan. You can also ask your bank or any loan servicer you are using for this purpose for refinancing rate.


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BritneyR

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Reply with quote  #10 
I always recommend to consult a local real estate agent for such scenarios. 
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