What are the consequences of payig off a mortgage fast?
Date: Fri, 01/08/2010 - 02:50
I may come across some money by the summer this year. I was wondering if I can payoff my mortgage with a balloon payment and free the title. However, I am not sure about its consequences though. Would there be any negative effect on my tax situation and personal finance?
What do you guys suggest? Shall I do it?
What do you guys suggest? Shall I do it?
i would also check your papers and see if they charge a penelty
i would also check your papers and see if they charge a penelty through the bank if paid off early. mine i know doesnt but some banks will look at the fine print on your paperwork or call the bank to findout
check with your lender an see if they charge early payoff fees s
check with your lender an see if they charge early payoff fees some do some dont.
a lot of financial planners say dont pay off your mortgage becau
a lot of financial planners say dont pay off your mortgage because you get a tax deduction, but when you do the math you are paying more in interest to the bank than your tax deduction is i say go for it, save you money in the long run and peace of mind