Popular wisdom says paying off your mortgage early and owning your home outright is a smart financial strategy. Adding an extra monthly payment per year or paying the monthly amount two times a month are ways to slash away at your mortgage faster. After all, you want to get rid of debt, right?
Maybe not. If you have the money to pay off your mortgage early, there could be better places to use it. A lot of this depends, however, on your age, when you’d like to retire, and whether you plan to move or stay put. But there are many reasons why keeping your mortgage can be part of a savvy financial plan.
Sindeo’s identified the top considerations you should be aware of before deciding to pay your mortgage off early. For all you know, things like your tax returns and the type of debt you carry can have a serious impact on your finances! Check out Sindeo’s free guide to understand why the myth of paying off your mortgage early may not be for everyone.