Paying Off Your Mortgage - Oro Valley Real Estate
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At first glance, the idea of paying off your mortgage sooner is a clear winner. However, financial management, retirement planning, and investments, in general, require careful planning to get right.
Pros
A significant financial burden is removed from your life.
You no longer have to weigh the cost of your mortgage against other investments.
You can put your money in less risky investments.
You can invest in higher-risk investments like stocks.
You free up cash flow for your household.
You can convert your equity to cash.
Cons
You lose liquidity.
You lose access to tax deductions on interest payments.
You could get a small knock to your credit score.
You cannot put the money towards other investments.
Whether or not it makes sense to pay off your mortgage early really boils down to each individuals financial and life circumstances. What may be right for one party may not make sense for another.