Just like you, I want to have a good credit standing, but then I need to pay my accounts on time. That is the basic requirement of the three biggest credit bureaus involved in drawing up our credit score. This is the first reason I should repay my mortgage on time if I have one. This must also be one of my concerns. Besides, this is a dream cherished by many to have a debt-free retirement life.
However, when setting aside funds to pay off all our accounts, there are specific reasons why we should repay our mortgages. One main reason we must pay our mortgages faster is that the interest rates may be on the rise. Almost all the prices are going up, but we have to cope somehow. Paying your mortgage sooner will help keep a lower balance in the future. A smaller account will alleviate the pressure and let us enjoy your retirement days.
If we do not act promptly, we will be soon joining many retirees who are burdened with heavy mortgage debts. They have bad credit scores to their names. At their age, credits are difficult to negotiate. Retirement for them would be a somewhat different story.
Consider also the poor performance of the stock market where most of their investments are made. If you factor in their mortgage loan balances, there will be no more dollars left for their retirement needs. If … Read the rest...