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Stock impact report

Considering making an extra mortgage payment? A CFP on 5 things to weigh first [CNBC]

Ameriprise Financial, Inc. (AMP) 
Last ameriprise financial, inc. earnings: 1/29 04:10 pm Check Earnings Report
US:NYSE Investor Relations: ir.ameriprise.com
Company Research Source: CNBC
Ross Mannino , a financial adviser and managing director at Ameriprise Financial Services, told CNBC Select that clients come to him with this idea all of the time. For some homeowners, like those with higher interest rates, a stocked retirement fund and no other debt, it may be the best move. But for many others, the decision could ultimately mean missing out on tens or hundreds of thousands in retirement savings or accruing more interest than necessary on bad debt. To help you avoid losses and maximize gains, we asked Mannino, a certified financial planner, what you should consider when deciding whethe r to make extra mortgage payments — and where you may want to think about putting that extra cash instead. While it's crucial to talk to a financial adviser when contemplating many financial strategies, these five questions can help you determine whether this strategy may be right (or wrong) for you. 1. Is it within your budget? Before you allocate any additional funds to an Show less Read more
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