5 Benefits Of Paying Your Mortgage Early

Saving Money in Interest
Mortgage interest adds tens of thousands of dollars to the real cost of a home. Therefore, by having a shorter mortgage you are slashing that amount away from the total you are paying in interest. This is one of the easiest ways to save money when it comes to mortgage debt. One way to help pay off your mortgage sooner is to make accelerated payments or lump sum payments.    

Peace of Mind
One of the biggest advantages of paying off your mortgage is feeling warm and fuzzy because you now have a secure place to live. Paying off your mortgage feels motivating when it comes to most financial goals because this is concrete. It’s achievable and will make a significant difference in your life. 

Financial Freedom
 Another reason to pay off your mortgage is that you can own a principal residence and instead of putting money towards your mortgage, you can now funnel that money elsewhere. You can put that money you are now saving towards a vacation or keep it in your savings. 

Ability to Pursue other Ventures
Another advantage of paying off your mortgage is that you have some freedom to pursue other ventures. Having extra money in your bank account every month allows you to pursue other opportunities that require some financial backing. 

Flexibility in your Monthly Budget
Once you finally pay off your mortgage you will be able to have some breathing room when it comes to your monthly budget. If you found yourself struggling to pay some bills while also paying for your mortgage, you can now redistribute the money you would have paid on your mortgage towards your other bills and expenses. Paying off your mortgage creates flexibility in budget and makes it easier to pay off some of the higher monthly bills. Paying off a mortgage is a dream for many Canadians and if this goal is within reach for you and your family it may be very necessary to satisfy your needs by paying off the remainder of your mortgage. Not only will it help to free up some extra money every month it will help to provide financial stability and allows you to save more. Paying off your mortgage is a smart move.