The weekly poll is over there making an extra mortgage payment. Yeah, it’s responsible like that.
This week’s topic is an oldie but a goodie: it’s about mortgage prepayment and whether or not that’s something you’re down with. Financial experts don’t exactly agree on the subject. Some people think it’s a good idea to go ahead and pay principal down or make extra mortgage payments in order to pay off your mortgage early. Other people think your extra cash is better spent elsewhere. Honestly, everyone’s personal situation is different and one may make more sense for you than the other, depending on your income, age and whether or not you plan to move soon.
So what about you? Are you trying to pay off your mortgage early? If so, are you doing it my making extra payments or by paying more often? Or do you think the whole idea of prepayment is a bunch of baloney? Cast your vote and let me know.