Another spring, same story. Here's an update to our discussion of What's holding back the housing market?
Prepaying your mortgage can be a great way to save a bundle of extra cash over time. Doing so not only saves in interest cost but builds equity faster and also shortens the term of your loan, so you'll own your home free and clear much sooner.
HSH's free, downloadable Homebuyer's Calculator Suite allows for regular or irregular prepayments of principal, and will show you the effect your extra effort will have on your total loan costs and term.
Some homeowners will pay this 3.8 percent tax when they sell their homes, but only if they meet certain conditions.
Read MoreThis question used to have a simple answer, since there was a "bright line" definition -- the conforming loan limit....
Read MoreA lower-cost alternative might be to obtain a home equity line of credit or even an HECM.
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