Is Making Extra Mortgage Payments Right for You?

Your home is more than just a place to live. It’s a significant financial investment. We often get questions about whether making extra mortgage payments is a good idea. The answer depends on your financial situation and your goals. Here are some key factors to consider:

• Your financial goals: Are you focused on paying off your mortgage as quickly as possible, or do you have other financial priorities such as investing or saving for retirement?
• Your interest rate: The higher your interest rate, the more you’ll save by making extra payments.
• Other debts: Do you have high-interest debt, like credit card debt? If so, it might make more sense to pay off those first.
• Your emergency fund: Do you have a healthy emergency fund? Make sure you have a safety net before making extra mortgage payments.
• Flexibility: Are you comfortable with less monthly disposable income?

HomeLoanServ ‘s article, Extra Mortgage Payments: Does It Make Sense for Me?, goes into more detail about whether making extra mortgage payments is right for you. 

If you have any questions or would like to discuss your options, please don’t hesitate to contact us at 1-800-526-7145, Option 6.