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

September 04 2018

Alexa Commands You Can Use Every Day

If you’ve brought Amazon Alexa into your home, here are the coolest and most useful skills and Alexa commands you can use...

Read More

August 31 2018

Notarize and Eagle Home Mortgage Join Forces to Complete a Fully-Digital Mortgage Closing in Texas

Notarize, the first digital platform to offer a fully-online closing experience, and Eagle Home Mortgage, a full-service mortgage...

Read More

August 30 2018

Eagle Home Mortgage Hosts Back-To-School Drive for Local Foster Children

Eagle Home Mortgage hosts Back-To-School Drive and raises $2,327 in donations for Treehouse Wearhouse, in an effort to help local...

Read More

August 27 2018

Eagle’s Guide to the Cost of Living in America

Read about how the cost of living in America affects your ability to purchase a home and follow our tips to combat these trends.

Read More

August 24 2018

The Ultimate Home Seller’s Checklist

Your house is sold. What next? Eagle Home Mortgage has prepared your closing checklist as you reach the end of the home buying...

Read More

August 22 2018

20 Tips for Your Next Yard Sale

By the time anyone is ready for a yard sale, they’ve been accruing clutter for years. Most yard sales end up being a...

Read More

August 21 2018

How To Start Planning for Retirement in Your 20's

Read about how you can start planning for retirement, even as early as your 20's. A healthy budget makes for a healthy...

Read More

August 21 2018

Are You Ever Too Old to Get Approved for a Mortgage?

Whether you’re looking to downsize into the upgraded home of your dreams, refinance to pay off your home a little quicker,...

Read More

August 20 2018

Low Cost Ways to Spruce Up Your Home

Need maintenance tips to prolong the life of your home? Whether you’re a first-time buyer or your home is heading to...

Read More

First23456Last

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?