Should I Pay Off my Mortgage Early?

1. Eliminate monthly mortgage expense – freeing up income for other things such as travel, investing, savings, and/or home improvements
2. Save money in interest

 What to Consider Before Paying Off Your Mortgage

1. Have you maxed out your retirement savings? Are your 401K and IRAs maximum contributions being made?  Check the tax advantages of these contributions.
2. Do you have a hefty source of emergency cash? Rainy day funds should cover a least 6 months of expenses.
3. Is there a prepayment penalty on your mortgage?
4. 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)?

What About Your Credit Score?

1. Your credit score doesn’t need to be a concern if paying off your mortgage

For more information, contact Penny at (206) 618-5123 or email me at Penny@TheOriginalPenny.com.

Serving:  Bainbridge Island, Poulsbo, Silverdale, Kingston, Bremerton, Port Orchard, Port Ludlow and Ocean Shores.