paying off your mortgage

The Pitfalls Of Trying To Pay Off Your Mortgage Early

Q: Gerald, everyone always says that you should pay off your mortgage early. I remember you saying there was a danger in doing so….why? Esther, Grand Rapids, MI A: That’s a great question, Esther and yes, the conventional wisdom from many people like Suze Orman for example is that you should try to pay your mortgage off early by making extra principal payments regularly.  Before I present the danger of trying to pay off your mortgage early, I will acknowledge the benefit of lower monthly fixed costs when your mortgage is paid off. The danger lies in getting stuck or hitting a bump in the road financially before the mortgage is fully paid off.  It’s like trying to swim across […]

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