Your mortgage may come with a 15- or 30-year term attached to it, but that doesn't mean you have to wait that long to pay it off. In fact, if you have the funds or the will to make it happen, you can pay off your mortgage much sooner than that. But is prepaying on your loan a good move? Any benefits depend on several factors, including the loan's interest rate, your financial situation and more. Let's look at the pros and cons of paying off your mortgage early:
Want to pay your mortgage off early? There are a few routes you could take. Refinancing is one great way to shrink your loan term and pay off that balance in less time, though it may still take a few years. You can also ask about an accelerated payment plan, or consider using savings or investment funds to pay off your balance.
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