Which Mortgage Option Is Right For you?

Which Mortgage Option by Ken Stone

It seems that every several months new or expanded mortgage options are introduced to the residential market. With so many options, homeowners and home buyers can be left feeling overwhelmed with the decision of which solution is best.

Many times this choice is complicated by well meaning friends, family, and colleagues who put their two cents in about which solution or solutions are best, or to be avoided at all costs. The bottom line is that the best mortgage solution for you can be identified by evaluating a combination of factors:

  1. Your short- and long-term financial goals.
  2. Your life and lifestyle goals.
  3. Your payment, cash flow, liquidity, equity, and tax objectives.
  4. Your overall risk tolerance as it relates to financial matters.
  5. And finally, where you are on the wealth/discipline bell curve.

Finding a mortgage planner who is tuned into these five factors and who understands how to utilize the answers to these questions to help you design a mortgage plan that fits hand-in-glove with your overall financial plan can be the difference between an unacceptable and an acceptable mortgage/financial outcome – or more critically it can be the difference between a ordinary and extraordinary financial outcome.

So which solution is best for you?
Is it a plan that puts you on a scheduled principal reduction path timed to coordinate with a planned retirement or other substantial or meaningful event?

Is it a plan that helps you create wealth while maintaining liquidity, safety, rate of return, and tax advantages while getting you to a free and clear position the fastest?

Is it a plan that takes advantage of assistance money for first time home buyers through the state, county, or city?

Is it a plan that improves cash flow and consolidates debt while springing you forward towards your goal of being completely debt free?

Is it a plan that puts you in a position to maximize your retirement contributions or other financial investments while not compromising your cash flow or plan for paying off your home?

It's important to note that the instructions for breaking out of your box are not written on the inside; they're on the outside of the box. Whether your breakout move is a transition from renting to owning, improving monthly cash flow and creating an emergency fund, or a transformation from acceptable financial circumstances to tremendous wealth creation, getting help from professional advisors who can bring an objective perspective that is fine-tuned to your circumstances and needs is the most important step you can take towards breaking out.

You should expect excellent support regardless of your circumstances. There is no minimum income, credit score, or asset amount required to start your own transformation. The only requirement is an action on your part - making contact with a planner who has your best interests at heart.

Knowledge with action is power. Are you happy in the box you're in today? Feel there's no room for growth or improvement? What will your first action step be?