Why you shouldn't pay down your mortgage faster

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Why you shouldn’t pay down your mortgage faster

Why you shouldn’t pay down your mortgage faster

This only makes sense if you have one of these extremely low 3.66~% interest rates of today.

Read on to understand.


Cleveland-

The impulse to pay off your mortgage more quickly than you need to is understandable, especially these days.

Interest rates are near historic lows, so it’s possible to replace a 30-year mortgage with a 15-year loan and still afford the monthly payments. Or, if you’ve already refinanced at a dirt cheap rate, you can take those savings and pay down your principal faster.

But the allure is more emotional than financial. Mortgage debt provides great financial flexibility, and paying it down fast probably isn’t the best way to grow your nest egg.

“Generally speaking, there’s no advantage to paying down a mortgage earlier than you need to,” says Greg McBride, senior financial analyst at Bankrate.com

[CLEVELAND]

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2 Responses to “Why you shouldn’t pay down your mortgage faster”

  1. Anonymous says:

    I am stunned you would reprint this unsigned article. The reason to pay down your mortgage is so that the banks will no longer have the power to take your home from you. Sure, you might benefit from the tax break, and you might find an investment that returns marginally more than the interest you’re saving by paying off your loan ( good luck in this market) but as long as you owe money on our mortgage, the banks can change your locks, trash out your irreplaceable belongings, and make your life a living hell.

    Throw off the yoke first, and worry about investmens later.

  2. Sarah says:

    Buy your next home cash if possible.

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