A mortgage is a commitment to making monthly payments for decades. There is an option to pay more than what you’re required each month.
Alternatively, you can save that money and invest it instead in places that offer consistent returns like the stock market. Many people feel torn deciding between the two.
To help you make a better decision, let’s look at each option in-depth and find a possible path for you to take.
PRIORITIZING MORTGAGE IS THE BEST OPTION
A common misconception with mortgages is that you should only pay the minimum required early on. When you have more purchasing power, you can work towards paying off the loan decades later.
The proper way to speed up the completion of your mortgage is to pay a lot more early on.
- The faster you can reduce the loan principal, the smaller your payments will be since less interest will accrue
- Paying much of the principal early means you’ll have more money for investing
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