We love making people feel at home. Whether you’re buying your dream home as a permanent location, a vacation getaway or are considering retirement; our goal is to not only help you find a home, but to help you feel completely comfortable with your investment. As the Shoreline Property Advisors team and Prudential Rubloff Real Estate agents, we know there’s a lot involved in the home buying process.
In fact, you may be reading this blog as you consider retiring within the next few years. You’re thoughts are turning towards spending your post-work days soaking up the beautiful views in Harbor Country, or one of the other cities along the Lake Michigan Shoreline. Yet as you look towards retirement, you feel the financial decisions weighing heavy on your mind.
Since our job is to help people work through and meet those financial real estate goals, we thought we’d point out three ways that can help you live your retirement days mortgage free. Take a look!
1. Make Extra Mortgage Payments- It may seem insignificant to tack on an extra $100 a month, but over time it can amount to major savings! Let’s say you have a $200,000 mortgage at an interest rate of 6% on a 30 year mortgage. Without taxes and insurance, that will amount to around $1,200 a month, which means you’ll be paying a little over $231,000 in interest. But, paying an extra $100 a month can save almost $50,000 in interest and you can be done with the loan five and a half years early!
2. Refinance Your Mortgage- If you currently live in Harbor Country, refinancing your home could be one of the best ways to cut costs each month or switch to a shorter term loan. Many people are considering refinancing due to the historically low interest rates we’ve seen over the past few years, which is great if your goal is to reduce monthly payments.
However, refinancing can also mean switching out your current 30-year mortgage to a 15-year loan. While you will be paying a little more each month, you’ll find yourself mortgage free much sooner!
3. Downsize Your in Your Harbor Country Home- We all love to have our own space and a home that allows for hosting gatherings and guests. But, do you need the same amount of space as you did earlier in life? While you do want to account for friends and family that will want to come visit you in your Harbor Country home; you won’t need a lot of extra space such as a formal dining room or a formal living room. Downsizing can allow you to find a less expensive home and, if you are selling your current home to relocate to Harbor Country, you could potentially make an all cash offer!
Whether you’re facing retirement in a few years, or are already planning far in advance; we feel these tips will help! Each year we work with many who are searching for a great place to retire and Harbor Country seems to have it all! From stunning Lake Michigan views, to shops, restaurants, a vibrant community and things to do year round; you’ll find it’s an ideal spot to settle down.
If you have questions about living in Harbor Country, planning for retirement or want to view some of the homes currently on the Harbor County Real Estate market; please let us know!
We look forward to hearing from you and helping you find your place in Harbor Country!
Shoreline Property Advisors
@ Prudential Rubloff
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