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Debt Consolidation Forums Getting a loan or mortgage and avoid foreclosure forums

What are the consequences of payig off a mortgage fast?

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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?




You should talk to an accontant.

Sub: #1 posted on Fri, 01/08/2010 - 07:34

OZZIE69 OZZIE69

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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

Sub: #2 posted on Fri, 01/08/2010 - 07:41

love_my_things love_my_things

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check with your lender an see if they charge early payoff fees some do some dont.

Sub: #3 posted on Fri, 01/08/2010 - 10:50

love_my_things love_my_things

(Posts: 1434 | Credits: )

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

Sub: #4 posted on Fri, 01/08/2010 - 12:11

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