Hello. My name is Erik Martin and I am a reporter for a nationally syndicated real estate section published weekly in newspapers across the country (see current examples atgmnews.com/?s=%22by+erik+j.+martin%22). I’m looking to interview realtors/agents, mortgage/lending professionals, buyers/sellers, and other housing experts for the following article:
DOES IT PAY TO PREPAY YOUR MORTGAGE? This story would explore the pros and cons of making accelerated mortgage payments in an effort to pay off your mortgage earlier, the best strategies for doing so, and alternative options that may give you a better return on your investment – including salting more money away in a retirement fund. Below is a list of questions I’m seeking answers to. I can either conduct a phone or email interview (with the latter, please email me back full-sentence written responses that I can use as quotes). My deadline is noon central, Monday, Sept. 12.
QUESTIONS:1. (QUESTION #1 IS FOR HOME BUYERS/OWNERS): Why and when did you choose to prepay your mortgage by making accelerated payments? What were the benefits? How much did it save on interest payments and how much did it shorten the life of your mortgage loan? How much extra did you prepay each month and over what time period? What related tips can you provide to other owners considering making accelerated mortgage payments? What’s your name, age, and city/state location?2. (NEXT QUESTIONS ARE FOR PROFESSIONALS) Do most conventional mortgages allow you to prepay (make accelerated payments that pay down the mortgage)?3. What is involved in “prepaying”: are you paying down the principal, interest, or both when you make accelerated mortgage payments? Do you need to specify? How do you actually “prepay” (do you have to alert your lender? Do you have to write a separate check and indicate something special on the check?)4. What are the advantages of paying down your mortgage early/prepaying? Can you provide details or a hypothetical example (using numbers) of how it can pay off a mortgage years earlier than anticipated and save you big money?5. What are the disadvantages to prepaying? Can you use that prepayment money elsewhere and earn a better rate of return (e.g., in the stock market, in your retirement funds, paying down credit card debt, etc.)?6. What do you recommend? If a borrower has the available funds, should he/she make accelerated mortgage payments? Why/why not?7. Who are the best candidates for prepaying? Why?8. Any other thoughts, tips or suggestions on this topic? 9. What is your full name, title, company, city/state location, and email address?
Keywords
mortgage payments, mortgage, home buyers, home sellers
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