Retire Mortgage Free on Lake Nacimiento!

Relocating to Lake Nacimiento can be an exciting time, especially if you’re retiring on this beautiful lake.  You’ve probably researched the area, the homes that are available in Oak Shores and Heritage Ranch and are ready to spend long days relaxing on your deck with lake views, hiking through nature and getting to know the Lake Nacimiento community.

Retiring can be something to look forward to, but you may be leery of beginning a new mortgage.  Oftentimes those looking to retire have their current home paid off, and feel great to have reached that accomplishment.  As a Lake Nacimiento Real Estate agent, I’ve talked with clients who desire to make the move, but who don’t want to have the burden of monthly payments beginning all over again.

But there’s good news!  I’ve listed below three practical ways you can begin your retirement journey mortgage free.  While it may take some extra work, knowing that you can retire without the financial concern will be well worth it!  Take a look at these tips as you consider your road to retirement.

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 Lake Nacimiento, 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 Your in Your Lake Nacimiento 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 Lake Nacimiento 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 Lake Nacimiento, you could potentially make an all cash offer!

As you can see, these are three great ways to help move you to a mortgage free retirement.  If you have a few years until you retire, buying your Lake Nacimiento home now will give you that opportunity to begin paying it down.  You’ll find that working towards this goal can make retirement that much sweeter!

If you have questions about buying an Oak Shores or Heritage Ranch home, or would like more information on the Lake Nacimiento Real Estate market and the homes that are currently available; please contact me!  I would be happy to answer your questions and walk with you throughout each step of the home buying process.

I look forward to helping you retire on Lake Nacimiento!

Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!

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