Who wouldn’t want to pay off their mortgage faster?
The big question is “how do I do it?”
Whether to pay off your mortgage faster, is an important personal financial decision.
But before one can answer “how do I do it,” you must first ask the questions of “can I do it” and “why should I do it.”
The can-I part reveals if one has the financial ability to put more money aside for bigger and quicker payments. The why-should-I part involves whether to use the additional money available, alternatively, for investing or consumption purposes since funds borrowed under mortgage probably have a lower interest rate than say credit card debt.
Paying off a mortgage faster also has tax implications on mortgage interest deduction.
If one has the financial means; is willing to forgo any investment opportunity; is prepared to postpone any would-be nice consumption; and has weighed on any tax savings, there are ways that one can consider to pay off a mortgage faster.