Many say purchasing your home is one of the biggest decisions you make in your life, but very few talk about how big of a decision it is to pay off your home. There’s a lot of disagreement on this topic, and people often find themselves lost and uncertain as to what to do.
Help identify every facet of the equation and its relation to your own financial situation by using this flowchart, which covers important decision-making factors to consider when paying off a mortgage, such as:
- Thoroughly weighing the pros and cons involved in this big decision, and how they specifically relate to your financial situation.
- Recognizing what degree of flexibility you may or may not have after paying off the mortgage.
- Considering any tax implications that may result from paying off the mortgage.
- Identifying sound reasons for paying off the mortgage, and determining the best course of action if applicable.