Paying off your mortgage early
So I get a question every once in a while that perplexed me and this is no different.
“Should I pay off my mortgage early?” The reason why this perplexes next is because this question really depends on a multitude of factors.
Do you have credit card debt?
Is there any other outstanding debt? What are the terms of the mortgage?
How many years do you have left?
As you can see there are many factors into play, but in general there are some guidelines that have paid me some handsome dividends.
1. I refinanced to a 15 year mortgage back during the Great Recession and now we are looking at paying off our mortgage I’m a few years and I’m pretty excited and looking forward to it.
2. If you aren’t members of a credit union, try and get into one as they are really looking out for your best interest. Equity isn’t diddly unless you can use it. HELOCS from credit unions is a great way to allow you to use that equity in your home for home projects that should survive the financing.
3. All of the above items is squat if you haven’t paid off your personal debt. Do that first.
Anything I’m missing?
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