HomebuyingRetirement March 20 2018

The Upside of Downsizing

Is home downsizing a good move for you? Perhaps your kids have moved out. Maybe you don’t have children, but you have space to spare. Or you possibly just need more breathing room in your budget. Whatever the reasons, scaling down to a smaller home can bring in big benefits.

Increased Cash Flow

Whether you have paid your mortgage off or not, downsizing can put more cash into your pocket. A smaller, less expensive home means that your mortgage will be much smaller—or non-existent if you can buy the home outright. Less living space usually costs less to heat, so your utility bills should come in lower as well. You can use all of that extra money on vacations, a new car, or anything else you couldn’t afford before.

Less Debt

The savings from downsizing can give you enough budget to pay off your mortgage and other debts sooner. Say you still have a car payment or a student loan. Taking the extra cash and using it to pay those loans off will save you paying interest on long-term loans. Putting the money you save on housing to work can pull you out of debt altogether.

Extra Retirement Savings

You could also use your downsizing savings to invest in your retirement fund, which will pay dividends down the road. Depending on how far away from retirement you are, you could double, triple, or even quadruple the value of your downsizing savings by investing it. Downsizing to a smaller home and saving more could help you to enjoy a more comfortable retirement lifestyle.

Downsizing to a smaller home and saving more could help you enjoy a more comfortable retirement lifestyle.

Less Maintenance

Time is money,”, as they say, and most people never seem to have enough of either. Downsizing to a smaller home can help you find a little more time in your day. Smaller homes require less time for upkeep, giving you more free time to spend on things that matter to you. Not having to do as much maintenance on your home will probably cause you less stress too.

Reduced Environmental Footprint

A smaller home consumes less energy. Not only does this save you money on your utility bill, but it also helps lessen your impact on the environment. Smaller homes tend to be older homes, so often downsizing can be seen as “house recycling”. If lessening your environmental footprint matters to you, a smaller house will go a long way in that endeavor. Home downsizing is a big decision. If you can adjust to the changes that come with a smaller residence, that big decision could lead to a big payoff. You could have more cash, less debt, more savings, less maintenance, and a reduced environmental impact if you take the leap and downsize.  

Ready to downsize?

Speak to a Loan Officer today!

  Sources www.thebalance.com www.ptmoney.com www.money.usnews.com

January 20 2017

Hidden Home Defects to Watch For

No home is flawless, but certain physical problems can be expensive. Watch for: Water leaks. Look for stains on ceilings and near...

Read More

January 20 2017

Tips on Buying in a Tight Market

Increase your chances of getting your dream house instead of losing it to another buyer, with these easy steps. Get prequalified...

Read More

January 20 2017

Tips for Finding the Perfect Neighborhood

The neighborhood you choose can have a big impact on your lifestyle, safety, available amenities, and convenience all play their...

Read More

January 20 2017

4 Tips to Getting Your Finances in Order

The beginning of a new year is the perfect time to improve your finances, even though it may sound like a dull task. For...

Read More

January 14 2017

What Is a REALTOR?

A real estate agent is a REALTOR when he or she is a member of the NATIONAL ASSOCIATION OF REALTORS, The Voice for Real Estate --...

Read More

January 14 2017

What Your Home Inspection Should Cover

Siding: Look for dents or buckling Foundations: Look for cracks or water seepage Exterior Brick: Look for cracked bricks or...

Read More

January 14 2017

What to Keep From Your Closing

The Real Estate Settlement Procedures Act (RESPA) statement. This form, sometimes called a HUD 1 statement, itemizes all the...

Read More

January 14 2017

The Home Seller's Guide to Success

Get the most for your house without the hassles Selling a home is a big decision and requires a lot of work. From getting the...

Read More

January 14 2017

What Is Appraised Value?

It's an objective opinion of value, but it's not an exact science so appraisals may differ. For buying and selling...

Read More

First1617181920

Search Results for query

April 18 2019

What is HBSG?

If you’re ready to buy a home, but are unable to qualify due to credit challenges, our HBSG team is here to help you get the education and advice you need to turn “not today” into “You’re a homeowner!”

Read More

March 27 2019

Interest rates have dropped!

Get Your Home Equity Working for YOU and Refinance Today 

Read More

March 25 2019

5 Steps to Kickstart Your Mortgage Refinance

Ready to refinance your home, but don’t know where to start? Here are some necessary steps to get you started to possibly decrease your monthly payments!

Read More

March 15 2019

Student Loan Debt? How You Can Still Get A Mortgage.

While your student loan debt may look like the biggest obstacle getting in the way of homeownership, a lender may not see it as much of a threat. Here are what lenders are looking at and how your student loan debt affects your approval.

Read More

February 07 2019

A Modern Mortgage with a Personal Touch

In the digital age, we know that you expect a simple online experience that is quick, easy and guides you step-by-step through the mortgage process. With Eagle’s Digital Mortgage, you can apply for a home loan faster and easier than ever before –...

Read More

February 04 2019

How Secure Is Financing Your Home Online?

Technology has changed the way we live our lives – including home financing! Eagle’s Digital Mortgage has been found to save days (even weeks!) in the mortgage process by providing a more complete pre-qualification upfront and an easy way for you to...

Read More

January 23 2019

A Community That Fits Your Lifestyle

You’ve worked your sixty-hour weeks and raised your family, now is the time to live the lifestyle you deserve. Lennar's award-winning Active Adult communities create a relaxed and stress-free setting while also offering a variety of amenities and...

Read More

December 17 2018

FHA Announces New Loan Limits for 2019

The Federal Housing Administration (FHA) has announced their new loan limits—and it looks like it’s another increase in 2019!

Read More

November 15 2018

The Impact of Rising Rates

If you’ve ever had a credit card or purchased a car, you should be familiar with interest rates. An interest rate is the percentage of the amount you are borrowing (known as the principle) charged by the lender as a fee for allowing you to use their money....

Read More

12345Last

Mortgage Calculators

Crunch the Numbers With Our Helpful Mortgage Calculators

Payment Calculator

payment calculator

Payment
Calculator

Affordability Calculator

affordability calculator

Affordability
Calculator

Refinance Calculator

refinance calculator

Refinance
Calculator

The Modern Digital Mortgage with a Personal Touch

Paperless. Effortless. Awesomeness TM

Simplify the home financing process with our Digital Mortgage. We'll be here to help navigate you through the entire process.

Get Pre-qualifiedWhat is a Digital Mortgage?