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Everything You Need To Know About Prepayment Penalties

Although they are not nearly as common today, some mortgage loans do come with a prepayment penalty. Home loan borrowers should be aware of them before signing their names on the dotted line. Here’s what you need to know about prepayment penalties: What is a prepayment penalty? A prepayment penalty is a fee the borrower must pay if they pay off the mortgage loan faster than the agreed terms. They often only apply during the first three years of the loan. Some prepayment penalty clauses also stipulate that a borrower cannot pay off more than 20% of the loan balance each year. Whe...

December 12th, 2018 | Purchasing a Home, Refinancing a Home, Everything You Need To Know About Prepayment Penalties

Should I Pay Off My Mortgage Before Retirement?

As you near retirement, you may be anxious to completely pay off your mortgage and be debt-free before your traditional income stops.  In most cases, this is the best plan but there are situations when holding on to your mortgage into retirement may make more sense. Why You Should Pay Off Your Mortgage Being debt-free as you start retirement can make the transition to a fixed-income much smoother. Those who do not have their mortgage paid off yet sometimes have to dip into their investments to make their payments. That can result in higher taxes and less reserves for retirees. An...

December 5th, 2018 | Reverse Mortgages, Refinancing a Home, Should I Pay Off My Mortgage Before Retirement?

ZFG Mortgage

6670 S. Lewis Ave # 200
Tulsa, Oklahoma 74136

Phone: 918-459-6530

Fax: 918-459-6535

NMLS: 193207