Sara and I get asked this question a lot from clients. Is there a benefit to paying off my mortgage early?
The answer is most always… Well that depends. Everyone’s situation is unique.
Our friend and business colleague Brad Roche, also known as The Mortgage Planner addresses this question quite nicely in his online magazine publication You Magazine. Brad is with McLean Mortgage Corporation and has helped a number of our clients with new mortgages as well as refinance opportunities. If you have not looked at refinancing lately now is the time. Rates are at historically low rates.
From our perspective here are several key points to consider:
1. Will it help you sleep better at night?
2. Do you need the tax deduction?
3. How much can you save over the life of the loan? (It boils down to the cost of the money)
4. Do you have other debt at higher interest rates?
|Brad Roche is not affiliated with FSC Securities Corporation. The link being provided is strictly as a courtesy. We make no representation as to the completeness or accuracy of information provided. The company assumes no liability for any inaccuracies, errors or omissions in or from any data or other information provided on the pages, or for any actions taken in reliance on any such data or information.No investment strategy can guarantee a profit or protect against loss in periods of declining values. Distributions made prior to age 59 1/2 may be subject to a federal income tax penalty. We suggest that you discuss tax issues with a qualified tax advisor regarding your individual situation.|