What Matters Most In Deciding Whether To Pay Off Your Mortgage Early

What Matters Most In Deciding Whether To Pay Off Your Mortgage Early

Especially in uncertain times like these, the dream of owning one's home free and clear is an enticing one.

On the other hand, isn't saving for retirement, or college funds more important?

According to Business Insider, if you have the opportunity to pay off your mortgage early, the deciding factor comes down to just one thing: interest rates.

If the rate on your mortgage is higher than the rate you'd earn by investing cash in the stock market, pay down the debt first.

But before you do that, run the numbers to see if refinancing your mortgage would make sense.

If so, you can apply the freed-up cash towards your high-interest debt.

Once that's cleared up, pay off the mortgage!