How To Pay Off Mortgage In 5 Years: 11 Tips To Get Started

Owning our own home is called the “American Dream.” But, do you ever own your own home until you pay off your mortgage?

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Paying off the mortgage early is a goal that many homeowners strive for.

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– Possibly saving thousands of dollars in total interest payments.

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Acts as a forced saving mechanism because individuals are more motivated when they have a goal to work towards.

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Cons of Paying Off the Mortgage Early

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Paying the mortgage early will tie up a large amount of your net worth and liquidity in the home.

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Pay Debts Before Paying Off a Mortgage Faster

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How To Pay Off Mortgage In 5 Years: 11 Tips To Get Started

Owning our own home is called the “American Dream.” But, do you ever own your own home until you pay off your mortgage?

Paying off the mortgage early is a goal that many homeowners strive for.

– Possibly saving thousands of dollars in total interest payments.

Pros of Paying Off the Mortgage Early

Acts as a forced saving mechanism because individuals are more motivated when they have a goal to work towards.

Cons of Paying Off the Mortgage Early

If a mortgage is paid early, a homeowner is no longer eligible for the federal mortgage tax refund deduction

Paying the mortgage early will tie up a large amount of your net worth and liquidity in the home.

Pay Debts Before Paying Off a Mortgage Faster

One should pay other debts first. If a homeowner has other debts with a higher interest rate than the mortgage debt, you should pay the higher debts first.

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