Top 5 Reasons to Pay-off Your Mortgage Early

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The prospect of taking a home loan sounds scary to many; and this can be partially attributed to the long repayment cycles attached to loans. But today, you have the option to pay-off your mortgage quickly and closing the loan faster than the scheduled cycle.

Paying-off your home loan as soon as possible has many benefits. Here are some reasons that may encourage you to close your mortgage before entering your golden years:

  • You’ll be completely free of debts
    Let’s face it. When you take a home loan, you’re essentially going into debt. With debt come stress, fear and financial restrictions. When you pay-off your mortgage quicker than the scheduled repayment period, you’ll remove yourself from the clutches of debt and thereby regain your financial independence.
  • Your yearly expenses will reduce and savings will rise
    To pay off your monthly mortgage you’ll need to set aside a certain portion of your monthly income. Doing this automatically increases the expenses you have. Add to this the interest that gets added each year and your annual expenses will skyrocket.
    By closing your home loan early, you’ll reduce your yearly expenses and make space for some much-needed savings.
  • You’ll get ownership of your home faster
    What can be a prouder moment in your life than when you claim that your home finally and truly belongs to you? Paying your mortgages in lesser installments will not only help you clear your financial obligations faster, but it will also make you the proud owners of a gorgeous property that much quicker.
  • You’ll have complete freedom to spend as you wish
    Have you been putting off that vacation to Bali for the past few years? Well, you don’t have to do that anymore.
    Once you’re done closing your loan, you’ll have the financial independence to use your money as you wish. You now no longer have to worry about monthly payments and yearly interest rates. From indulging in extravagances to planning a home renovation, you can do it all.
  • You can say goodbye to financial stress before retirement
    Finally, the biggest benefit of paying-off your mortgage early is that you can get rid of all your financial worries and woes before your sunset years. You can focus on making the right investments for your retirement years and concentrate on building a nest egg for yourself and your family in the future.At Total Mortgages, we specialize in home financing and our team of financing specialists will help you to pay-off your mortgage. With us by your side, you never need to worry about pending mortgage payments and debt. We’ll take a look at your finances and will advise you on the best course of action. Contact us for more information.