Mortgage size hurts your ability to save money, most Americans say
A majority of Americans think the size of their mortgage Hindered their ability to save money for the future, according to new research released Wednesday.
Bankrate.com has found that 77% of homeowners think the size of their mortgage has limited the amount of money they can hide. In fact, almost two in five homeowners, or about 39%, said their home equity was higher than their retirement savings accounts, including their 401K and IRAs. Only 28 percent reported that their retirement account balances exceeded the equity in their homes.
"Large mortgage payments reduce your monthly income, but also pose a major barrier to saving for retirement, emergencies or other financial goals," said Greg McBride, chief financial analyst at Bankrate. com. "Homebuyers should be careful not to bite more than they can chew comfortably and get locked into payments that make saving difficult."
MILLIONS OF AMERICAN OWNERS SEE IMPROVED FORTUNES
The trend spans generations: home equity exceeds retirement account balances across all age groups. However, this gap narrows over time. Twice as many millennial homeowners reported having more equity than retirement savings (46%), compared to only 37% of baby boomers who were in a similar situation.
People with higher income and education are more likely to have more money in their retirement savings accounts than in home equity, according to 39; study.
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For example, high-income households, or those earning more than $ 80,000, are more likely to have a higher retirement balance than home equity, at 44%. Forty-nine percent of people with a postgraduate degree have a retirement savings account higher than the equity in the home.
"Homeowners may consider refinancing at a lower rate to shave off their monthly payments and pave the way for increased savings," said McBride. "Don't ignore retirement savings in a hurry to pay off or pay off a low-rate mortgage. Money in a retirement account will pay the bills, not the equity in the home."
More than 11 million homeowners could save an average of $ 268 a month on their mortgages if they were to refinance at current rates, according to real estate data company Black Knight. Refinancing allows borrowers to pay off and replace an existing mortgage with a new loan and refinancing rates; it can be used to lower your mortgage rate, reduce monthly payments, or change your loan type.
Mortgage rates in the United States fell to record levels, reaching 3.29% last week, the lowest ever recorded by Freddie Mac.
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