-13 C
Ottawa
Monday, January 26, 2026

Pros and Cons of Paying Off a Mortgage Early

Date:

Most lenders will allow you to pay off your mortgage early.

Owning a mortgage-free home has become a trend. Nearly 40 percent of homeowners own their homes outright, according to the National Association of Home Builders (NAHB). This is the highest it’s been in 13 years. Two-thirds of these mortgage-free homeowners are baby boomers aged 60 and over.

But is paying off a mortgage a wise move? For many, it could offer peace of mind, but there may be some financial ramifications to going mortgage-free. Knowing the pros and cons will help you make the right decision for your circumstances.

Can You Pay Off Your Mortgage?

Most lenders will allow you to pay off your mortgage early. It’s referred to as prepaying a mortgage. These types of mortgages don’t come with a prepayment penalty.

spot_imgspot_imgspot_img

Share post:

More like this
Related

How Major US Stock Indexes Fared Jan. 26

U.S. stock indexes ticked higher, while other markets made...

Shareholders Sue Beyond Meat, Alleging Failure to Disclose Market-Moving Asset Write-Down

Packages of Beyond Meat's Beyond Burgers and Beyond Sausage...

Jury Selection to Begin in High-Stakes Social Media Addiction Trial

A teenager uses her mobile phone to access social...

UK Launches Major North Sea Offshore Wind Plan With Europe

British Energy Secretary Ed Miliband during a visit to...