Mortgages are the perfect solution for most of us when buying a home. In fact, most people prefer taking a mortgage, despite having the cash to purchase the house. Mortgages not only help you own a home, but also provide other benefits. The tax on mortgage interest is deductible. It also helps in boosting your credit score if you are regular with your monthly payments.
However, having to pay off a mortgage for over a decade sounds daunting and so people consider paying it off completely as soon as they amass the money.
It might seem like a good idea to get rid of the debt but before you do, you must understand when you should and when you shouldn’t retire your mortgage.