The Motley Fool, one of the best financial education sources, released guidelines as to when someone should start paying down their home mortgage. The suggestions might surprise you.
Read The Motley Fool article: When Should You Begin to Aggressively Pay Down Your Mortgage?
The clear advantages of paying off your mortgage as quickly as possible have changed quite a bit over the past few years. The urgency to pay it off has somewhat diminished, as interest rates have plummeted to historical lows. It’s no longer the black and white decision it was back when interest rates hovered between 6% and 9%, and even the 11% to 13% we saw a couple of decades ago.
Paying off your mortgage early might help you financially, or might be a waste of your hard-earned money. Even if you start paying down your mortgage, there could be more ways you could save money on your mortgage.
If you would like to review your mortgage options and see if you can save money, please contact us at your earliest opportunity. We love helping our customers save money!