Advantages of Paying Off Your Mortgage Early
- Eliminate monthly mortgage expense – freeing up income for other things such as travel, investing, savings, and/or home improvements
- Save money in interest
What to Consider Before Paying Off Your Mortgage
- Have you maxed out your retirement savings? Are your 401K and IRAs maximum contributions being made? Check the tax advantages of these contributions.
- Do you have a hefty source of emergency cash? Rainy day funds should cover a least 6 months of expenses.
- 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)?
What About Your Credit Score?
- 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.