By paying off your mortgage faster, you’ll save on interest, shave time off your loan duration and you might even get a sense of accomplishment. You’ll also be able to use your home equity for other projects.
That being said, rushing to pay down your mortgage as quickly as possible may not be the best strategy for you. Each homeowner needs to assess whether paying off their mortgage faster is the best option. A self-employed person with a fluctuating income might look at this strategy differently from someone who recently graduated from college or from someone nearing retirement.
