It is a very smart move to pay down your mortgage. Putting extra money toward your principal can save thousands in interest. Additionally, you will have equity available should you need it in the future for unforeseen emergencies. Instead of putting money into a saving account, consider putting that amount into your loan. And remember, paying down debt will reduce your stress level.
Don't use your home equity for everyday expenses such as credit cards or vacations. Using your home equity for emergencies such as medical expenses or college tuition can be a good idea, especially if it is a cheaper source of money than other loans. But you will need to research carefully to make sure it is the best option for you.
For questions about your home equity call Mike Puente at Sonterra Mortgage, 210-490-8833.
To search for home listings in San Antonio go to www.shirleyparks.com or call me at 210-414-0966.