Retiring on Chicago’s North Shore has a wide appeal as many are hoping to spend their post-work days in a beautiful setting on Lake Michigan’s shoreline. There are endless opportunities to experience the vibrant communities, and the convenient and comfortable lifestyle this north of Chicago area has to offer.
As a North Shore Real Estate agent, I enjoy working with those relocating to the North Shore or those interested in spending their retirement years in their ideal home in Winnekta, Deerfield, Northbrook, Glencoe or Highland Park. Many retirees find the gated communities, quiet neighborhoods and quaint downtown atmosphere are exactly what they’re searching for and I enjoy helping them make their dreams a reality!
Yet one of the things I hear is that the goal is to retire mortgage free and, while that may seem too good to be true, it’s easier than you think! The thought of retiring only to take on a new mortgage keeps many from taking that next step. However, the wide variety of perfectly priced homes on the North Shore Real Estate market and a few key tips listed below can help you settle into retirement without a mortgage! Take a few minutes to review these three basic tips that can help you become mortgage free in no time.
1. Make Extra Mortgage Payments- It may seem insignificant to tack on an extra $100 a month, but over time it can amount to major savings! Let’s say you have a $200,000 mortgage at an interest rate of 6% on a 30 year mortgage. Without taxes and insurance, that will amount to around $1,200 a month, which means you’ll be paying a little over $231,000 in interest. But, paying an extra $100 a month can save almost $50,000 in interest and you can be done with the loan five and a half years early!
2. Refinance Your Mortgage- If you currently live on Chicago’s North Shore, refinancing your home could be one of the best ways to cut costs each month or switch to a shorter term loan. Many people are considering refinancing due to the historically low interest rates we’ve seen over the past few years, which is great if your goal is to reduce monthly payments.
However, refinancing can also mean switching out your current 30-year mortgage to a 15-year loan. While you will be paying a little more each month, you’ll find yourself mortgage free much sooner!
3. Downsize in Your North Shore Home- We all love to have our own space and a home that allows for hosting gatherings and guests. But, do you need the same amount of space as you did earlier in life? While you do want to account for friends and family that will want to come visit you in your North Shore home; you won’t need a lot of extra space such as a formal dining room or a formal living room. Downsizing can allow you to find a less expensive home and, if you are selling your current home to relocate to Chicago’s North Shore, you could potentially make an all cash offer!
I hope these tips give you the confidence you need in taking the next step in searching for your ideal North Shore home knowing that you could be mortgage free! As always, I’m here to help you through each step of searching for and buying your new North Shore home!
Don’t hesitate to contact me today to we can begin to put my years of experience in the North Shore Real Estate market to work for you!
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