Save or pay off mortgage? It depends
Low mortgage rates over the past few years fueled a wave of refinancing. Some of us borrowed against our home’s equity or extended the payoff periods to lower our payments.
If debt makes you anxious, you may be wondering: Should I pay off my mortgage — or not? Well, it depends on your financial circumstances, your time to retirement and your emotions.
“For far-sighted people who have self-control [to save elsewhere], it probably makes sense not to repay their mortgage,” says Anthony Webb, an economist at the Retirement Research Center. Consider: