Paying off your mortgage might sound like an ambitious New Year's resolution, especially if you have recentlyrefinanced into a 30-year term. But it's still smart for homeowners to give some thought as to how they'll pay off their home loan -- if not in 2012, then sometime soon.
An early mortgage payoff can net substantial interest savings compared to making scheduled payments for 15 or 30 years.
Paying more quickly reduces your housing cost, freeing up that money for other needs and wants, says Ronit Rogoszinski, a wealth adviser at Arch Financial Group in Garden City, N.Y. You'll still be responsible for property taxes, homeowners insurance, home maintenance and repairs, but your mortgage payment will disappear.
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