Oct 19, 2026 · 1 hr · 19 segments
On this week's Your Real Estate Life with Michael Harris, we explore whether your current mortgage is still working for you and how your home loan fits into your overall financial strategy. We'll…
Is your home loan still working for you? Many people get that home loan, that two, that three, that
four, that five, that six, now seven.
Eventually is that loan working for you? Individuals have variable rate loans.
There's a good percentage of individuals who have loans that are coming to adjustment.
We look at all your other debts, the monthly, the quarterly, the semiannual, the annual items.
We're looking at those items and the interest rates attached to those, to what is your overall effective interest rate.
Is the lower mortgage rate you may have holding you back because the other loans are averaging much higher? Is there a better way to free up monthly discretionary money to eliminate debt sooner, to have the interest rate not matter as much? A lot of times we're clouded by one number, but that one number may not be as good as we think.
When you close on a home loan at three or did close at three, four or five, or even six, you had on the bottom of your mortgage disclosure that you got the closing disclosure.
Now that tip is how much you're giving or sending to the bank over the life of the loan.
Yes, you have what is called an APR, annualized percentage rate, which takes into account the cost of obtaining the loan.
But the bottom, the tip, how much extra do you feel comfortable paying? If you're over 5.2%, you're paying over 100% tip.
So my goal is to help curb that timing, curb the payoff, and do that more effectively.
So when we talk here about home equity lines of credit, a HELOC, is simple interest.
So when you pay simple interest and you're able to utilize that to pay off amortized interest, you move a lot faster down the amortization scale because you're paying more interest earlier on an amortized loan.
Is your home loan still working for you? Many people get that home loan, that two, that three, that
four, that five, that six, now seven.
Eventually is that loan working for you? Individuals have variable rate loans.
There's a good percentage of individuals who have loans that are coming to adjustment.
We look at all your other debts, the monthly, the quarterly, the semiannual, the annual items.
We're looking at those items and the interest rates attached to those, to what is your overall effective interest rate.
Is the lower mortgage rate you may have holding you back because the other loans are averaging much higher? Is there a better way to free up monthly discretionary money to eliminate debt sooner, to have the interest rate not matter as much? A lot of times we're clouded by one number, but that one number may not be as good as we think.
When you close on a home loan at three or did close at three, four or five, or even six, you had on the bottom of your mortgage disclosure that you got the closing disclosure.
Now that tip is how much you're giving or sending to the bank over the life of the loan.
Yes, you have what is called an APR, annualized percentage rate, which takes into account the cost of obtaining the loan.
But the bottom, the tip, how much extra do you feel comfortable paying? If you're over 5.2%, you're paying over 100% tip.
So my goal is to help curb that timing, curb the payoff, and do that more effectively.
So when we talk here about home equity lines of credit, a HELOC, is simple interest.
So when you pay simple interest and you're able to utilize that to pay off amortized interest, you move a lot faster down the amortization scale because you're paying more interest earlier on an amortized loan.
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