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Pros and Cons of Prepaying Your Mortgage
Most of us want to be out of debt. And while some debt, like a home loan, can be viewed as good debt, there are still major benefits of getting out of it.
When it comes to your mortgage, you may reap major benefits by paying your loan before it comes to full term, also known as prepayment. Below are several pros and cons of prepaying your mortgage.
Pros
Savings. Due to the interest you dodge when paying early, you will likely save thousands of dollars of negated interest when you pay your mortgage off in advance. The easiest way to pay down your loan in advance is to add extra funds to your regular monthly payment, or make several additional payments throughout the year.
Dodging debt. By shaving years off the life of your loan, you will be debt-free much faster, which is great for your financial well-being.
Cons
Potential penalties. {LastName} cautions that some lenders impose a penalty if you repay the loan too soon. "Talk to your lender before you decide to pay your loan off early."
Timing matters. The total savings potential from paying your mortgage early will depend on how long you plan to live in your home. If you plan to move in the near future, it may be a smarter move to hold onto your funds for a future down payment instead of funnelling them into your current loan. If you plan to live in your home for the next decade or more, paying your loan ahead of schedule would be wise.
As a Member of the Top 5 in Real Estate Network®, I, along with my team, have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact our team any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.
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