Business
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.
START FOX BUSINESS BY CLICKING HERE
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.
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
picture credit
to request, modification Contact us at Here or [email protected]
2 Comments