KLE 62: When Should You Pay Off Your Mortgage?
Q: When should you pay off your mortgage?
A: When the bank tells you to.
That’s the simple answer!
But, you need to understand why you might be asking that question: is it because you expect to feel a stronger sense of ‘security’ when your home is paid off? That seems to be the common expectation, and is a position widely adopted in the popular financial press i.e. pay off your mortgage early.
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Now, isn’t that interesting?
yes that is interesting,but can’t you do better using the equity in your home from time to time,to make other investments?I.E buying or starting a business, and investing in real estate? also,if your going to pay your mortgage off over 25 to 30 years, and use the equity,when is the right time to pay of that loan? or do you?