Don't Pay Your Mortgage Off Early
Well, it all depends on each person, their preference, their rate, etc. but we like to make sure to guide all of our clients so that they make the right decision for their family. A mortgage can be a great financial tool to help increase your net worth. Just like there are good calories and bad calories, there is good debt and bad debt and a mortgage is good debt.
Too many people are told to shop around for their mortgage to get the best rate and that just isn’t the case as it’s what is the right product for you. There are so many options out there and I am finding more and more where a borrower calls their bank, tells them they want to put 20% down on a 30 year fixed, and that is all they are given as though they are an order taker.
Our job as Mortgage Originators is to give the borrower all of their options. I can tell you that doing X will help increase your net worth, etc, etc. but I don’t at the end of the day I am not the one making the payment and you as the borrower need to know all of your options to know what you prefer.
Here is a great article from Business Insider “Why Paying Off a Mortgage Early Isn’t Always The Right Move.” I highly recommend reading it as it breaks down when someone should pay it off early and when you shouldn’t.