When you take out a mortgage, it will have a specified term over which you must repay the balance. In most cases, this term will be 15 to 30 years in length. However, if you make extra payments, or if you decide to refinance, you may pay off your mortgage before this term is complete. If you are considering an early mortgage payoff, consider the advantages and disadvantages below before you make your decision.
Deciding whether to pay off your mortgage early can be difficult. While an early mortgage payoff may be the right choice for some borrowers, it may cause problems for others. If you aren’t sure whether an early mortgage payoff is the right decision for you, contact the mortgage experts at Starboard Financial for personalized advice.