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Conventional wisdom says, "Don't pay off your mortgage early." Are you foolish to consider an early payoff? Absolutely not! By adding just $50 to $100 to your mortgage payment every month, you can save thousands of dollars in interest, pay off your loan quicker, and eliminate a major monthly expense.

The argument usually given against paying off a mortgage early is that you can make investments with your extra cash, such as mutual funds, stocks or bonds, which pay higher returns. This approach enables you to take the mortgage interest deduction and have easy access to your money, in case you need it. These are all definite pluses, but are not guaranteed savings results.

Any extra income which an investment might generate above your home equity appreciation can be offset by a bad year in the investment market. Investment earnings can virtually eliminate the income tax advantage of your mortgage interest deduction, since stocks and bonds are likely to generate a fair amount of dividends, interest income and capital gains.

It isn't as simple as conventional wisdom--consult a financial expert.

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Glenna Nesbitt and Shelton Floyd, Realtors
Coldwell Banker J. Wesley Dowling & Associates
8805 Line Avenue Suite 100
Shreveport, Louisiana 71106 USA
Licensed in the State of Louisiana
Glenna Direct Line: 318-869-5833
Shelton Mobile: 318-422-1102
Main Office: 318-861-2461
perfectpartners@coldwellbanker.com

Glenna and Shelton are life long residents of Shreveport. Glenna and Shelton were awarded the International President’s Circle-Coldwell Banker, Diamond Society Team-Coldwell Banker, Circle of Excellence and Circle of Honor. They are Top Producers and Certified Luxury Home Specialists. Call or email today - The Number 1 Team for Coldwell Banker in Shreveport since 2002. Each office independently owned and operated.