CONTACT US
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Craig Lundquist, MBA, ChFC®, CRPC®
VP of Wealth Management
651-773-2757
Kristin Becker
Senior Administrative Assistant
651-773-2821
Ideal Wealth Advisors
Located at Ideal Credit Union
8499 Tamarack Road
Woodbury, MN 55125
CRPC conferred by College for Financial Planning
January/February 2023
Make Your Mortgage Easier to Live With
The upside to owning a house is you’re building equity. The downside is the substantial amount of interest you’ll pay over the life of the loan. Finding a way to reduce that amount is a smart financial move.
Just Getting Started?
Shop around for a lender with the lowest interest rate. You’ll pay far less in interest on a 15-year mortgage than a 30-year loan. And a substantial down payment means you’ll have to borrow less.Already a Homeowner?
You may be able to save interest by putting additional money toward the loan principal each month, allowing you to pay off your mortgage faster. But check with your lender first to make sure that there will not be any pre-payment penalties.Steps to Take First
Before employing either of these strategies, make sure your financial house in in order.- Pay off all other debts, including personal loans and credit card balances.
- Save at least three-to-six months’ worth of living expenses in an emergency fund account that you can easily access without paying a penalty.
- Contribute a minimum of 15% of your income to an employer’s retirement plan or an individual retirement account (IRA).
1-05343485
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Ideal Credit Union and Ideal Wealth Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Ideal Wealth Advisors, and may also be employees of Ideal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Ideal Credit Union or Ideal Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
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