- Advantages Of Paying Off Your Mortgage Early
- Eliminate monthly mortgage expense – free up income for other things: travel, invest it, stash in savings, home improvements.
- Save you money in interest.
- What To Consider Before Paying Off Your Mortgage Early
- Have you maxed out your retirement savings? Are your 401K and IRAs maximum contributions made? Check the tax advantages of these contributions.
- Do you have a hefty source of emergency cash? Rainy day funds should cover at least 6 months of expense.
- Is there a prepayment penalty on your mortgage?
- Can you make more by investing your money than you’ll save by paying off your mortgage (and do you want to if you can)?
- How much do you rely on mortgage interest deductions to offset Federal Income Tax?
- What About Your Credit Score?
- Your credit score doesn’t need to be a concern in paying off your mortgage.
Want to know more? Contact Penny & Team, @ John L Scott Real Estate
Serving: Bainbridge Island, Poulsbo, Silverdale, Kingston, Bremerton, Port Orchard, Ocean Shores