The answer is complicated.
Depending on the interest rate, they think they can make more on other investments eg. real estate.
A large portion of their net worth would be tied up in the residence, making funds harder to access if needed. Maybe you've heard the term"house-rich, cash-poor"? Their net worth will be less liquid, though they couldTheir lender charges a pre-payment penalty.Make an extra payment a year or pay biweekly. I
nstead of making 12 payments a year, make a payment of half the amount due every two weeks so you end up making 13 payments a year. Both options reduce the interest you pay over the lifetime of the loan.. Instead of refinancing, you give your bank a bunch of money toward the principal, and for a fee, it will re-amortize your loan with the current balance, current interest rate, and current term; the result is a lower monthly payment.
Basically: Ask yourself why you’re thinking of paying your mortgage quicker, consider which reasons mentioned above resonate with you, then do what lets you sleep at night. For more stories like this, including celebrity news, beauty and fashion advice, savvy political commentary, and fascinating features, sign up for the
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