Posts from May 13th, 2019
Subscribe and receive email notifications of new blog posts.
RSS Feed
- 2026 | 8 Posts
- 2025 | 48 Posts
- 2024 | 48 Posts
- 2023 | 48 Posts
- 2022 | 48 Posts
- 2021 | 48 Posts
- 2020 | 48 Posts
- 2019 | 48 Posts
- 2018 | 30 Posts
13
Will Paying Off Your Mortgage Early Pay Off for You?
Our real estate agents help people with all kinds of financial backgrounds to purchase Atlanta homes for sale. Many people have questions about the process of getting a loan—and most are concerned about what it means for their long-term financial health.
A common question we hear at Josey Young & Brady Realty has to do with pre-payment. Pre-payment is the term for paying off your loan before the anticipated date, typically 15 or 30 years from the time the loan is issued.
Some lenders specify that paying off a large loan early will cause the lender to incur a penalty. However, this practice has largely been done away within the world of home loans. In general, if you end up with a windfall of spare cash, you can pay off your mortgage whenever you wish.
It may seem intuitive that the sooner you pay off your mortgage, the better. It's a huge milestone in life and a weight off your mind. However, it's not always wise to take the plunge.
Even if you end up with a large lump sum such as an inheritance or contest winnings that could pay off your mortgage, you might be better off continuing monthly payments.