Are There Any Disadvantages Associated With Paying off a Mortgage Early?

Mortgage-debtPeople tend to dislike debt of any kind. They also tend to believe that they don’t own their home until the mortgage is paid off.

One should distinguish the different kinds of debt into good, necessary and bad. Mortgages are actually in the good debt category (rather than restate reasons, you may read the distinctions here).

As to the second point, you own your home while the bank has a security interest usually through a lien until the mortgage is paid.

Here’s a brief article on some things to consider if paying off a mortgage early is on your mind.

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