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6 Ways to Pay Off Your Mortgage Early
Should you pay off your mortgage early?
It's a question personal finance experts have been debating for years. Some say it makes financial sense to invest that money in the stock market, while others say you won't ever regret being 100% debt free.
Here are the 6 steps to follow to help pay off your mortgage faster:
Step 1: BUY A HOME YOU CAN AFFORD
If you want to finance a home, you’ll need to get prequalified first. The bank will look at your overall financial picture and spit out an amount that you're likely to get a loan for. Some people use this number to set a housing budget. The bank is just guessing. You can examin your monthly budget and determined what you want to spend on housing. It can sometimes end up being much less than what the bank tells you what you could afford.
Step 2: GET A 15-YEAR MORTGAGE
When you calculate the difference between a 15-year mortgage and a 30-year one, of course, a 15-year mortgage will always cost you more per month. The advantage is that you'll save on interest charges because the term is shorter and the interest rate is lower. In most cases, the interest rate for the ... more
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