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Jennifer | Is there a down-side to paying off your mortgage early.? |
In my state, there is no prepayment penalty. My accountant said to go ahead and pay it off. Now the other day my husband was telling me he was talking to a homeowner and she said she suffered all kinds of penalties and fines and basically lost her "life savings" because she paid her mortgage early, same state, unless maybe the bank/mortgage company she used was in another state. |
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queenmelosa
 |
Before you pay off your mortgage, please double check the copies of the original documents. More than likely, your accountant did this, but just to be safe, I recommend double checking them. The reason I say this is because even though the prepayment penalty may be illegal, unrecognized, or whatnot, in your state, if you agreed to one on your Mortgage/Deed of Trust or your Note, you are liable for that prepayment fee. It isn't often that you see this, mostly lenders will do it if they think the loan is risky. But my opinion would be that if your accountant suggested paying this off, then it is in your best interest. You will lose the interest deduction on your taxes, but it's possible that you're at a point where it won't make that big of a difference to you financially. Though that is a question that you may consider running by your accountant. Good luck and congrats on being able to pay off your mortgage! |
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togashiyokuni2001
 |
If you want to pay off your mortgage early, you won't see any penalties from your lender, because you don't have a prepay penalty. However, if you do, you'll lose the tax deduction that is oh, so handy on April 15. Another thing is that if you're not paying a mortgage payment, you're not paying escrows either. So, you're going to have to keep an eye on your property taxes and your homeowner's insurance, as those will now be paid semianully. That may be where the other homeowner lost her life savings. |
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gtofinancial.tomvoli
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She may have had other liens on the property that absorbed that equity. It would not have been the mortgage.
Here is some additional info. Hope this helps. |
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suzieq_64093
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I would think that as long as there is no prepayment penalty there can't be any penalties and fines. One less bill to pay is always a good thing. |
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mazziatplay
|
Unless you have a pre-payment penalty, there should be no additional charges involved in paying off your mortgage early. You will, however, lose the interest deduction on he schedule A of your federal income tax return that reduces your taxable income. If you have sufficient deductions for dependents and from other schedules this may not be an issue but I would clarify that with my tax accountant. |
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whatever
|
Downsides:
1) you lose out on tax deductions
2) you tie up your net worth in your home. Sometimes it's better to have cash available... |
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She She
 |
If your accountant advised you to pay it off early...I think you should pay it off early!..The only thing is you will no longer have the tax deduction of the mortgage interest you pay out each year..And I am sure your accountant thinks the advantages out weigh the disadvantages.. |
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jasmine
 |
only you would lose the tax breaks - tax breaks you get on mortgage interest that you claim on schedule A
provided that current mortgage co does not have any prepayment penalty
go ahead |
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Brian
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no |
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open4one
 |
There may be state laws prohibiting prepayment penalties, but none that I'm aware of. The answer to the question of whether there's a pre-payment penalty or not can be found in your Note, the document you signed just before the Mortgage.
If there are prepayment penalties, wait them out. Most do not last past three years, and over five would be a real surprise.
What you want to consider before paying off early, other than if you sell, is the real cost of the debt. You have to consider the deductibility of the interest you are paying. For example, if you are paying 6% interest, and pay 25% in income tax, that makes your effective interest rate 4.5%.
Now, once you know that, you need to consider the other opportunities you'd have for the money you can pay it off with. For example, if you have a car loan at 5% which is not deductible, you'd want to pay that off first. If you have a judgement lien against you at 10%, pay that off first. If you have credit card debt at 19%, pay that off first.
If you have no other debt, you may still have opportunities. You might be able to invest in tax-free bonds at 5%. That's better than 4.5%. You might be able to buy one or two rental properties with the money at an expected rate of return of 10%.
Find out if you have a prepayment penalty, and if not, consider the other uses for the money before doing anything. |
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