1. 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.
  1. 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?
  1. 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

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