Should you pay off your mortgage?
The National Association of Realtors has an interesting article about paying off your mortgage. No doubt many people consider this option at one point or another. Certainly many of our clients tell us that they are making extra payments to help pay down the principal balance.
The National Association of Realtors reports that "...most financial planners recommend prepayment only if the borrowers cannot earn more by investing the extra money in stocks, bonds, and mutual funds."
You will want to verify with the lender that you have no prepayment penalty, and make sure that when you pay extra funds that the lender applies those funds to pay down the principal balance.
You should check with your financial planner, tax or other financial advisor before making a decision about paying off your mortgage. Every person's situation is different.
To read the entire article, go here.