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Pay Mortgage Payment Early

Pay off Your Mortgage Payment Early for Financial Freedom

By Honey B Wackx

People mortgage things when they are in need of money urgently. No one likes debts and if it is more than one it is a nightmare. Paying off your mortgage payment every month within time is good. However, life would be great if you pay if off before the release of the mortgage.

If you have enough funds to make early mortgage payments do not hesitate or postpone in paying off the mortgage. But before that you should talk with the bank where you have taken the loan about the advantages and disadvantages of making early mortgage payment.

How early payment can help?

If you don’t act wisely then your mortgage payment will be more than your monthly expenditure. Just imagine a life without a mortgage payment every month. What would you do with the money you are right now paying as mortgage payment if you never had a mortgage payment? Sounds like a music to you. Isn’t it? Just take a look at what you can do with the money you are paying off as mortgage payment.

  • The most important of all is to clear all your pending bills and pay off all your debts to have a peaceful life.
  • You can enjoy a wonderful vacation with your family.
  • You can educate your little ones according to your dreams.
  • You can save this amount to enjoy a good retirement life.
  • You can buy a brand new luxury car.
  • You can buy a boat of your own for a change.
  • You can invest in building a new house.

These are just a few options out of many which you may have certain dreams to fulfill with this money. If you manage to save the mortgage payment every month you will be able to buy a new car of your choice at the end of one year.

Is there any disadvantage in making early mortgage payment?

Some people think that the early repayment of the mortgage can do no good instead it can be a foolish step. How true is this? It is true for some people who are facing financial crises, tight budget, low interest rates and other unavoidable circumstances.

Can mortgage payment benefit anyone?

There are people who keep their mortgage payment for getting tax benefits. However, the amount that is deducted in tax is not so much.

As mentioned earlier, the amount that is paid monthly as mortgage payment can be used for buying your desired car if you don’t have a mortgage. However, the amount you are saving in tax deduction can help you to have a vacation with your family at the most. What would you prefer owning a car or one time vacation?

Some people use it for diversifying their investments. If you start spending on mortgage payment with your extra cash you will not be able to make other useful investments which are more important for your future as well as for your children.

Make a better investment for a better life

No one can predict the future. Today you might be wealthy but what about the coming years? Have you ever thought about the life if you happen to lose your job? Similarly there are certain risks involved when you have given the important documents as security for securing loan.

After looking at every angle, the wisest thing to do is to make early mortgage payment to have complete freedom. For that, you need to work hard to get rid of the mortgage payment to have an enjoyable life. So, no more waiting. Start the process now to settle your mortgage payment.

Copyright © HalfMoney.com

 

Honey B is studying about luck and good health the natural way.

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