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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Pros of Paying Off the Mortgage Early

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

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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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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.

Pros of Paying Off the Mortgage Early

Possibly saving thousands of dollars in total interest payments.

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

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

Cons of Paying Off the Mortgage Early

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

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