If buying a home is living the dream, paying your mortgage off early could seem like a next-level fantasy. Just imagine what life would be like without forking over monthly mortgage payments. More money for investments! Retirement savings! Home upgrades! Silk bow ties for your dog!
But is paying your mortgage off quicker than is required actually a smart financial move? While there’s no «one size fits all» answer, financial experts say it’s not always the wisest decision. Plus, you might be surprised how an early payoff can affect your credit score.
Here’s what to consider if you’re in a position where you could potentially pay off your mortgage ahead of the typical 15-year or 30-year timetables: