We all know there are various tactics for building long-term wealth. Paying off your mortgage early may be an option for some. However, focusing on investing money or paying off other debts first could be more beneficial than early repayment of a mortgage. Ultimately, what’s right for you depends on your personal finances and unique situation.
When Early Mortgage Repayment Might Be Beneficial
If you have a good emergency fund.
If you don’t have other large expenses planned.
If you’ve funded your passions and dreams.
When Making Minimum Monthly Payments Makes Sense
If you have other long-term debt to worry about.
If you have a prepayment penalty.
4 Strategies for Paying Off Your Mortgage Early
In case you decide that early repayment could be beneficial for you, here are a few possible strategies for paying off your mortgage early.
While paying off a mortgage early may not be the ideal option for everyone, it’s a strong strategy to consider if it fits your unique circumstances. Call the office to discuss your mortgage repayment options or other long-term financial strategies.
This material was developed and prepared by a third party for use by your Registered Representative. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. The content is developed from sources believed to be providing accurate information.
Should You Pay Your Mortgage Off Early?
May 17, 2023