What Are The Benefits Of Paying Down Your Home Loan Sooner?
Being mortgage free is something all homeowners aspire to. While clearing the debt might take some time, there are still some benefits to cutting down the principal component as much as possible.
Less interest – the shorter the length of the loan, the less interest you’ll ultimately pay.
You’ll build equity faster – if you can quickly reduce your debt, that means you have more equity in your home. You can use this equity to upgrade your property or purchase an investment.
Positive cash flow – if you’re an investor, the more principal you can pay down, the more cash flow you’re able to generate over time.