Should you pay off your mortgage early?
Yes and no. It depends. There is no right answer. There is a mathematical answer and an emotional answer. The mathematical answer is people should do whatever gives them the highest return. But life is not that simple because there is also the emotional answer. For them, it is all about security and risk aversion. We all have different emotions tied to our homes.
We all have different goals. And for some, it makes sense to pay it off early, for others, it does not. It does not have to be all or nothing proposition. With the assistance of your wealth strategist, the best strategy will be identified and developed to best match with your financial goals.
Everyone has questions about mortgages including:
- How much should you put down?
- When should you prepay principal?
- What is your equity doing for you?
- How do you maximize your tax deductions?