You’ve imagined it: that party you’ll throw (and the happy dance you’ll undoubtedly do) the day you pay off your mortgage. Ah, the joy of being debt-free and the full owner of your home!
But hold on: While paying off that principal is certainly an achievement, it’s not one you want to rush.
We know, holding on to a mortgage payment can seem counterproductive — especially when you have a large amount of debt looming over your head — but getting rid of it isn’t always the smartest financial move.
You’re probably thinking, “Um, what about all that interest?!” Stick with us here. We checked with some expert financial advisers to see under what circumstances you might want to hold on to that monthly payment, and why. Continue reading “4 Reasons Not Pay Off Your Mortgage Early”