Owning your own home has long been part of the American dream. Borrowing to help with the purchase is a way to make that dream come true a little sooner.
But what level of borrowing is appropriate, and how can mortgage debt best be used over time? Even more importantly, how does one take on debt while minimizing the risk of losing one’s home during adverse events? Fortunately, various loan options and tax incentives can make the use of a mortgage very attractive.
Over time, home buyers and owners may need to answer any of the following:
- How much house can I afford, and how much should I pay as a down payment versus borrow?
- Should I refinance my existing mortgage?
- Should I pay off my mortgage early or before I retire?
- When does it make sense to take out a home equity loan or line of credit?
Planning with a trusted advisor is key. B|O|S has guided many clients through these decisions. Our goal is to help you make smart decisions and free up your time to focus on what matters most to you.