Benefits Of Paying Off Mortgage Early
Does anyone even really need to ask about the benefits of paying off a mortgage early
? Of course, no one really wants a mortgage, but they do want to own a home and for most, that means taking out a home loan to do it. But once that home loan is paid off, there are a ton of benefits that come with it.The most obvious benefit of paying off your mortgage is that you will then be debt-free. Debt is the number one burden for a lot of people and it can lead to excessive stress about job security, and is even the largest reason given for married couples getting a divorce. The biggest benefit of paying off a mortgage early is that all of that stress goes away. Job security is still a concern, but not nearly as much when you know that it doesnt also mean that youll likely lose your house when you cant make your mortgage payments. It takes stress off a marriage, and it allows people to spend money on the things they really love, which also reduces stress!
Of course, the second biggest benefit of paying off a mortgage early is the entire reason you bought the property in the first place so you could have an investment! And when you pay off your mortgage, that investment, and all money to be returned on it, is entirely yours. You can sell your home if you want, and all the proceeds will be yours, with no money still being owed to the lender on your mortgage.
The third biggest benefit of paying off a mortgage early is that it provides a great opportunity to start, or boost, savings for retirement. Naturally, people work best when aiming for short-term goals; and even with a lengthy amortization period, a mortgage is a short-term goal for a lot of people. During the time the mortgage is being paid off, savings for retirement seems less important to many, because they have all the other costs of living in addition to their mortgage. However, once a mortgage is paid off even just half of that payment can be put towards retirement savings and homeowners could find that paying off their mortgage helps them achieve all their other financial goals, too!
But theres also another, lesser-known benefit of paying off a mortgage early, and that is that its a great savings motivator. Theres almost no better feeling in the world than making that last mortgage payment and being able to say that you do, in fact, own your entire home; and that feeling doesnt go away for a long time. After paying off their mortgage entirely, homeowners are likely to want to save for other things, because they have now realized the benefits that it provides. Just like boosting retirement savings, this is just another way that paying off a mortgage early could help you in just about every other aspect, financially, in your life.
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