If you have the money to completely pay off your loan, it’s best that you think about the pros and cons of doing so before you head to your lender to pay your mortgage early. Jacksonville movers from All My Sons are here to help you move into your second home, but we also want to help make sure that everything is in order with your first home.

Pros

A risk-free return is one of the best things about fully paying off your mortgage. While there are other ways that you can invest your money, not many of them come with a higher rate of return when compared to a mortgage. If you’re thinking about investing in the stock market instead of using your mortgage as your investment, you may find that the stock market comes with more risk than you’re comfortable with. If you’re retired or close to retiring, both you and your finances will be better off paying your mortgage off if you can afford to do so.

Cons

One of the worst things about paying off your mortgage is that your liquidity is lowered. You’ll have an easier time getting to funds in an account than you will from your home equity. If you’ve already paid off your mortgage and you’d still like to enjoy financial liquidity, think about setting up a home equity line of credit.

One of the best ways to make a decision regarding whether or not to pay off your mortgage is to examine the question as well as your individual situation from all angles.