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TOO PAY OFF YOUR MORTGAGE EARLY OR NOT?
"Too Pay Off Your Mortgage Early or Not?”
 
It is not the same answer for everyone. I carry on this conversation with every client. Here are some thoughts to decide if you should prepay your mortgage. Please know that these suggestion may be different if rates where higher than they are now.
 
If you had an additional $200 per month, here is the question you need to ask. Can I earn a higher rate of return, putting the money into an investment account that can earn more than the rate of interest that I am paying on my mortgage?
 
Another way to look at this, when you are paying a mortgage, you are paying what is called simple interest. When you are putting money into an investment account, the interest—dividend is compounding. Which means interest is paying interest on interest.
 
The average interest rate on mortgages in under 4%, my investment accounts in the last 5 years have earned nearly 6%, so for me the choice is clear.
 
Tell me what you think.
 
Why you may never want to pay off your mortgage
Here's a look at the costs and benefits of continually refinancing your ... more

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