Pay Off Your Mortgage?
Becoming debt free is as much a part of the American Dream as owning a home but there certainly can be conflicting circumstances that make the decision to pay off your mortgage early unclear. The advantages of paying off debt early is increased cash flow, less interest paid and a higher credit score. The disadvantages are lower cash flow available as discretionary funds for meals, entertainment and other things. If the ultimate goal is financial security, is it worth the intermediate sacrifice? Whether you pay off your mortgage early is a personal decision that may be right for one person and not for another. Consider the following before you get started: Reasons you should Peace of mind knowing that you don’t have a mortgage You’ll save interest regardless of how low your mortgage rate is Lowering your housing costs before you retire Reasons you shouldn’t You can invest at a higher rate than your mortgage ...