Hello. My name is Erik Martin and I am a writer with The Mortgage Reports website (www.themortgagereports.com). I’m looking to interview mortgage/lending professionals, financial industry experts, real estate agents, and other housing experts for the following story:
DOES IT PAY TO PREPAY YOUR MORTGAGE? Paying down your mortgage principal early may be a reassuring thought that can lower your stress level, increase equity faster and enhance financial flexibility. But can that prepayment money earn a better rate of return if you invest it elsewhere? This story would examine the pros and cons of making accelerated mortgage payments and explore alternatives to that strategy. 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 time, Friday, April 29.
QUESTIONS:1. Do most conventional mortgages allow you to prepay (make accelerated payments that pay down the mortgage)?2. 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?)3. 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?4. 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.)?5. What do you recommend? If a borrower has the available funds, should he/she make accelerated mortgage payments? Why/why not?6. Who are the best candidates for prepaying? Why?7. Any other thoughts, tips or suggestions on this topic?8. What is your full name, title, company, city/state location, and email address?
Keywords
financial industry experts, real estate agents, housing experts
Share with your colleagues, friends or anyone
