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Ryan Baker’s Mortgage Blog

What a great time of year….beautiful weather and you can watch any major sport you want right now since they are all active…oh and an election for the ages coming up.

For today’ blog I included a list of reason’s why you might want to pay more than your monthly minimum mortgage payment.

You want to reduce expenses as much as possible so you can put more money into your retirement fund.
You plan to move in a few years and will need cash for your next home – for closing costs or for a down payment. Applying more money towards your mortgage balance will increase equity, which can be converted to cash if needed.
Currently, you do not receive a tax break on your mortgage interest. If your mortgage is small, your interest may not exceed the standard deduction the IRS gives non-itemizing taxpayers. Without that tax break, the actual cost of your mortgage is higher.
You pay private mortgage insurance (PMI). If you have less than 20 percent of equity in your home, making extra payments will build more equity sooner, allowing you to cancel your PMI. And eliminating PMI will reduce your monthly payments.

Feel free to shoot me an email with any mortgage related questions at

Written by Keith Byrd - Go to Keith's Website/Profile