Should You Make Extra Mortgage Payments?
May 25, 2022
You might enjoy owning your home – but the mortgage? Not so much. In fact, you might want to do everything you can to pay it off as quickly as possible. But is that always the best strategy?
In one sense, your mortgage can be considered a “good” debt because it’s backed by a tangible asset – your home – that has real value and may even gain further value. Furthermore, by historical standards, you’re probably paying a pretty low interest rate on your mortgage, so you’re getting a lot of benefit – a place to live and a potentially appreciating asset. And if you itemize on y...