Should I Pay Off My Mortgage Early?
Many people think that real estate debt is good debt. They think that their mortgage is their biggest "tax deduction" and is, therefore, a good thing. While it is true that some people get a nice deduction on their taxes, it is not necessarily true for many people. For instance if you pay less than $10,000 mortgage interest in a year, you get no deduction at all!
Here are three reasons to pay off your mortgage early:
When real estate appreciation is low (i.e. after a real estate bubble) it makes sense to pay down your mortgage
If you have investment options that offer a high rate of return, such as happens in a fast appreciating real estate market, it makes sense to invest in these options and not use your money to pay down your mortgage. However, when there are not a lot of high yield low risk options for your money it makes more sense to pay down your mortgage.
Have more peace of mind when your house is paid off early.
Peace of mind is not necessarily quantifiable when talking about return on investment, but some people measure wealth in terms of quality of life, free time, and other intangibles. Since your mortgage is your largest expense, paying off your mortgage leads to peace of mind. Approaching retirement debt-free is important to many people, especially in these uncertain financial times.
The older you are, the more it makes sense to pay off your mortgage.
When you get older, investments in riskier instruments like stock or mutual funds can crack your nest egg. Investing in a sure, virtually risk-free proposition, such as paying your mortgage early makes good sense.
These are just a few reasons to pay down your mortgage quickly.
For more info on fast credit repair go to "ImproveYour Credit Score in 24 Hours"
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- Understand The Fha Guidelines Before Considering Fha Mortgage
The U.S. economy was hit hard by the global financial meltdown. In the housing sector, the crisis is - Basic Facts About Multifamily Apartment Construction Loans
When you make an investment, you surely think of getting something out of it to make the deal profit - Commercial Mortgage Refinance Loan - Ideal Solution For Financial Problems
Financial security is something which we have to plan from before. In life, there is no certainty wh - Free Government Grant Money Eligibility Requirements
All of us hear about free government grant money. But what is involved in obtaining this money? What - Top 10 Tips On Buy To Let Mortgages And Property Hunting
If you are looking for an opportunity to invest your savings or any money you have come into, there - A Few Tips On How To Stop Foreclosure
In case you are facing certain financial catastrophe caused by a loss or relocation of a job, or wha - How To Stop Foreclosure And Lose Your Residence To The Bank
In today's market, there are more and more citizens that get big loans then they use their home as a - Most Excellent Way To Stop Foreclosure - The #1 Blueprint For Saving Your Home
Just what is the best measure to stop foreclosure? No doubt you are browsing for an answer to that q - Act Fast To Stop Foreclosure
If you would like to find out how you can put a stop to foreclosure, there is not much to accomplish - Tips For Buying A Home With No Money
There is a popular belief that you can only buy a home if you have great credit. This is false becau
Most viewed articles in this category:
- Mortgage Refinancing - Rate Caps Protect You When Refinancing With an Adjustable Rate Mortgage
Adjustable Rate Mortgages can save you money when mortgage refinancing if you fully understand how t - 100% Mortgage Loans: What You Need to Know
Coming up with a 20% down payment can be a difficult task for many potential homebuyers. If you are - Home Equity Loan Pitfalls
The home equity loan came of age in 1996 when changes in the tax law eliminated deductions for the i - Mortgage Refinancing: How the Fannie Mae Weekly Yield can Help You Comparison Shop
Mortgage refinancing without knowing Fannie Mae's weekly yield is like buying a used car without kno - How to Pay Off Your Mortgage in 7 Years, Without Extra Payments
One of the most exciting new topics concerning wealth is “How to Pay Off Your Mortgage in - Mortgage Rate Comparison
Trying to get an "apples to apples" mortgage rate comparison can often be quite a hassle. Traditiona - Mortgage Refinancing: Beware the Mortgage Vultures
If you are in the process of mortgage refinancing you need to be wary of overpaying for your loan. - Mortage Loans - How Much Does It Actually Cost In The End
Mortgage loans are the loans used to finance most people's first home. It is the big loan that ever - Where To Locate Home Improvement Loan Companies
Where to locate home improvement companies is a question that arises from many different people. Som - California Reverse Mortgage
Gov. Arnold Schwarzenegger signed a bill that helps protect seniors from unscrupulous lenders when t