Tuesday, February 21, 2012

Retire Mortgage Free on Deep Creek Lake!

As Deep Creek Lake Real Estate agents here at Coldwell Banker Deep Creek Realty, we’ve helped many people find their dream home on Deep Creek Lake.  While people search for a home on Deep Creek Lake for a variety of reasons, one of the main purposes is to find that ideal setting in which to retire.
If you imagine spending your post career days taking in breathtaking lake views, soaking up sun on your deck, embarking on leisurely hikes through nature and being a part of a great community; Deep Creek Lake is the obvious choice!  
While relocating to Deep Creek Lake may be high on your wish list, the idea of taking on a new mortgage, especially if your current home is payed off, can be the thing that’s holding you back.  However, the wide variety of perfectly priced homes on Deep Creek Lake and a few key tips listed below can help you settle into retirement without a mortgage!  Take a few minutes to review these three basic tips that can help you become mortgage free in no time!
1. Make Extra Mortgage Payments- It may seem insignificant to tack on an extra $100 a month, but over time it can amount to major savings!  Let’s say you have a $200,000 mortgage at an interest rate of 6% on a 30 year mortgage.  Without taxes and insurance, that will amount to around $1,200 a month, which means you’ll be paying a little over $231,000 in interest.  But, paying an extra $100 a month can save almost $50,000 in interest and you can be done with the loan five and a half years early!
2. Refinance Your Mortgage- If you currently live on Deep Creek Lake, refinancing your home could be one of the best ways to cut costs each month or switch to a shorter term loan.  Many people are considering refinancing due to the historically low interest rates we’ve seen over the past few years, which is great if your goal is to reduce monthly payments.
However, refinancing can also mean switching out your current 30-year mortgage to a 15-year loan.  While you will be paying a little more each month, you’ll find yourself mortgage free much sooner!  
3. Downsize Your in Your Deep Creek Lake Home- We all love to have our own space and a home that allows for hosting gatherings and guests.  But, do you need the same amount of space as you did earlier in life?  While you do want to account for friends and family that will want to come visit you in your Deep Creek Lake home; you won’t need a lot of extra space such as a formal dining room or a formal living room.  Downsizing can allow you to find a less expensive home and, if you are selling your current home to relocate to Deep Creek Lake, you could potentially make an all cash offer! 
We hope these tips are helpful as you consider your plans for retirement and entering this great time of life mortgage free!  Our team here at Coldwell Banker Deep Creek Realty is ready to help you through each step of finding and buying a home here on Deep Creek Lake!

Let us put our years of experience to work for you, so you can have a smooth transition to the Deep Creek Lake lifestyle and settling in to the home of your dreams!  
We hope to hear from you soon!

Patrick Kane
Sales Manager/Co-Owner
Coldwell Banker Deep Creek Realty
Your Deep Creek Lake Real Estate Expert

1 comment:

  1. Great writing and thank you for sharing it with us I really like that …
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