It's TAX time & as I was getting all our Tax Documents together for our annual meeting with our accountant, jamming to my 90's rock, I kept thinking of all that we will do with our REFUND ... hmmm ... a beach vacation where we can sip on pina coladas all day, or having a "pamper me" day or 2, or a weekend in Napa visiting all the fabulous wineries ... WHAT?! A girl can dream!
But just as I was finishing, I was shocked at my new idea of what we really NEED to do with our refund. I hope you're sitting down for this one because it's a shocker!
Wait for it ...
SEND AN EXTRA MORTGAGE PAYMENT
Okay so I hear you! WHY send in an extra mortgage payment instead of going on a fab vacay? It's simple, by just sending in 1 extra Mortgage Payment, which by the way goes directly to the principal,
- We'll be able to pay it off sooner ... at least 4 or more years early!
- It also greatly reduces the amount of interest we'll have to pay ... by the $10+ thousands (which is more than any tax return i'll be getting)! and it
- Builds up more equity in the house ... which increases our credit rating! and / or amount we get if we sell.
After talking with 1 of my preferred Mortgage Lenders, Mason Whitehead with Churchill Mortgage, he told me that it's an absolute money saver! BUT ... he did tell me to be sure to write on the check memo line "Extra Payment for Principal" and to put a note in the envelope stating the same thing. If not, the banks will think we're just making an early partial payment for next month and won't apply it to the principal balance of our loan. Eeeek - I don't want them to think that!So now, with fingers crossed that we get a refund, I'm dreaming about all the fabulous things we can do with the $10+ thousands we'll be saving ... hmmm ... a Beach Vacation on a Private Island where we can sip on pina coladas all day, or having a "pamper me" day every week, or a week in Napa visiting all the fabulous wineries collecting wine for our new wine cellar ... WHAT?! A girl can dream! :)
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Samantha Smith
REALTOR - d+b Real Estate
214-422-0729 Cell
972-852-9713 Fax
www.lakerayhubbardlife.com
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